Market Movers: Street tells Jefferies to calm down after steel sector downgrade

On Monday, Jefferies India downgraded

and JSW Steel on the premise that the steel sector’s earnings are “inflecting down” due to weak demand and pricing environment.

Since then, the market seems to be on a mission to prove them wrong. In the last two sessions, the stocks have climbed about 5 per cent. On Thursday, Tata Steel,

, JSW Steel and SAIL rose between 2-7 per cent.



“God bless whoever downgraded Tata steel. It was a good omen. And the stock decided to overcome it,” quipped value investor Safir Anand in a tweet.

No end to Paytm’s plight

There is no respite for Paytm investors. Shares of the company continued to tumble for the ninth consecutive day. The stock hit an all-time low of Rs 1,025, inching closer to falling below the psychological Rs 1,000 level.

The stock has eroded over half of the investors’ wealth from the IPO price. The stock has shown no resilience despite some brokers coming out with a bullish view and confidence shown by the management. Technical analysts see further downside in the counter.

Sugar’s sweet ride

Sugar stocks seem to be in the sweetest spot possible. The sector stole the limelight again on Thursday as investors binged on sugar stocks, riding their hopes that India would achieve its ethanol blending target, even though sugar exports have slowed as global prices corrected and the rupee has firmed.

Sugar mills are holding off on signing new export contracts as falling global prices and a strengthening rupee have widened the gap between local and global rates. But that has not deterred the market.

, Renuka Sugars, Hindustan Sugars were among the biggest gainers, rising about 5 per cent.