Business

Cement stocks in limelight

MUMBAI MAY 8. Cement stocks and several second-line counters rallied smartly aiding the sensex to remain in the positive terrain on the Bombay Stock Exchange today on consistent purchases by domestic operators as well as Foreign Institutional Investors.

The BSE barometer also derived strength from fresh gains in select heavyweighted shares like HLL, Infosys, Zee Telefilms, ITC and Tisco which found support from domestic investors and foreign funds.

Depicting the trend, the BSE benchmark 30-share index opened on a promising note at 3434.24 and later fluctuated in a narrow range between 3453.73 and 3432.54 before ending at 3435.06 as against yesterday's close of 3423.75, netting a gain of 11.31 points. The broad-based BSE-100 index improved by 6.84 points to 1712.49 from previous close of 1705.65.

A leading foreign fund was believed to be heavy buyer in Rolta India and made purchases of about 20 lakh shares. Several other low-priced second-rung shares also met with heavy support from operators and institutional investors.

Cement shares such as Grasim, Gujarat Ambuja and L&T scored impressive gains on hectic buying support from speculators.

Dealers said the market is expected to move upwards as it has discounted negative factors like uncertain political situation, consistent downslide on the Nasdaq stocks market and not so encouraging corporate news.

In the specified group, 86 including 14 index-based counters registered sharp to moderate gains while 77 others closed with losses. — PTI

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