Nifty opened with mild correction in trade today and was last also trading with losses, while the broader markets underperformed. Sectorally, the weakness lurked in all of the sectors, barring media and FMCG, with most drag on the Realty, followed by PSU Bank space.
Likewise, in line with strength in the FMCG pack, in early morning trade, there was seen buying in tea and coffee stocks. Some of the stocks from the segment including Tata Coffee, Longview Tea company, Mcleod Russel gaining up to 5%, While other stocks from the pack gained between 0.4 to over 3 percent.
Nevertheless, some others from the space including Bansisons Tea, James Warren Tea, Ledo Tea, Lykis etc. down between 2-5%. Norben Tea was in fact down by over 8%
Earlier in the month of July also there were made reasonable gains in the coffee stocks as the coffee prices climbed to a 7-yr high owing to record low temperature in Brazil that sparked concerns around global shortage of the commodity.