In line with the Asian markets, there is seen strength in the Indian indices as new Covid variant concerns seem to ease and the street has also taken the GDP results released yesterday for the second quarter positively. At around 9:33 am, Sensex traded with gains of over 600 points, while Nifty up over 1 percent is quoting close to 17,200 points. Meanwhile, Nifty Midcap index has pared some of the early gains of over 1 percent.
Notably fertiliser stocks have spurted sharply in trade today (December 1, 2021) with Madras Fertilisers topping the list gaining 9% intra-day to day's high price of Rs. 29. Likewise, other gainers from the space include Chambal Fertilisers, National Fertilisers, Nagarjuna Fertilisers which have gained between 4-7 percent.
The gains in the fertilizer counters is on the news that government plans to increase fertiliser subsidy for 2021/22 to a massive over Rs. 1.55 lakh crore. This is to do away with any kind of shortfalls as globally chemical prices are spiking sharply, said sources privy to the matter. Notably, the considered amount is almost double the amount budgeted for fertiliser subsidies for the FY 2022.