New Delhi, March 9 -- Shares of several Indian sugar companies surged sharply on Wednesday, March 4, bucking the broader market decline, as rising global crude oil prices lifted sentiment for the sector. Stocks including Dhampur Sugar Mills, Dalmia Bharat Sugar, Dwarikesh Sugar Industries and Praj Industries were among the top gainers during the session, advancing between 6% and 10% even as the wider market remained under pressure.

The rally in sugar stocks came as global energy markets reacted to the escalating US-Iran conflict in West Asia, which pushed crude oil prices close to $120 per barrel earlier this week. Higher oil prices are widely seen as supportive for ethanol production, which in turn boosts demand for sugarcane and benefi...