Indices in trade on December 3, 2021 in line with global markets are seen gaining but have pared their early gains and are off their day's high. Nifty at the time of writing this copy at around 9:54 am is down by a tad at 17,387, while Sensex has also shed close to 100 points. Meanwhile, Nifty Bank and the broader markets continue to be resilient with Nifty Mid cap 100 trading higher by 0.21 percent.
Among sectoral indices, most gains were seen in the realty and PSU banks, while auto, pharma, financial services, FMCG and metal are trading with cuts.
Meanwhile the one category of stocks trading with gains is the liquor stocks with gains of up to 5%. The stock of Globus Spirits is locked in 5 percent upper circuit at Rs. 1196.55, while the stock's 52-week high price is Rs. 1513.8.
Other stocks from the space including GM Breweries, Radico Khaitan, Associated Alcohols and Pioneer Distilleries traded with gains of over 1 percent.
United Breweries and United Spirits also traded with gains of close to 1 percent. Earlier for United Breweries, Yes Securities has recommended a 'Buy' call for the price target of Rs. 1785 while the stock's last traded price is Rs. 1531.
In a sector update, Emkay Global Financial Services view further more growth catalysts for the alcohol beverages industry in the short term including lowering of IMFL taxes in WB; and a foreign trade agreement with the UK which may result in duty reduction in case of scotch imports. "Growing use of returnable bottles should offset most of the glass inflation for United Breweries, leading to stable margins. Overall cost savings and operating leverage should still drive EBITDA margin gains across companies, in our view," added the brokerage.