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| Markets have another good session |
| SI Reporter / MUMBAI Sep 07, 2010, 15:36 IST |
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The markets continued the good work of the previous trading session. Building on the 300+ point gains seen on Monday, the Sensex ended at 18,645, higher by 85 points and the Nifty ended at 5604, up 15 points. Significantly, the Nifty crossed the 5600 barrier for the first time in 31 months. The midcap index ended virtually unchanged at 7969, higher by seven points and the smallcap index ended at 10456, up 62 points.
The last two trading sessions have been a study in contrast. While Monday's rally was orchestrated by the positive cues worldwide, the current day's session saw a marked divergence between the domestic and global markets. The Asian bourses had a mixed day; the Hang Seng ended marginally higher, while the Japanese, Korean and Taiwanese markets had a sluggish session. The CAC, DAX and FTSE were down almost a percent each in mid-day trades after a Wall Street Journal report on the recent stress tests renewed concerns over the sector's health. And the activity in Dow futures points to a weak start on Wall Street after a prolonged weekend following the Labour Day holiday on Monday.
Cement, especially mid-cap cement players, clearly hogged the limelight on hopes of better growth prospects. According to market reports, the prices in South India have risen by Rs 25 to Rs 40 per 50-kilogram bag. ACC flared up by 6.6% to emerge as the leading gainer on the BSE. In the broader cement space, Madras Cements zoomed by 14.1% at Rs 119, India Cements gained 9.7% at Rs 116 and Ambuja Cements added 7.8% at Rs 135. Among the other significant largecap gainers, L&T spurted by 2.3% at Rs 1876 and TCS added 1.8% at Rs 869. And index heavyweight RIL gained another 0.9% at Rs 961.
On the other hand, Hindustan Unilever weakened by 0.9% at Rs 269 to emerge as the top loser on the BSE. The banking space was under pressure, with SBI shedding 0.8% at Rs 2835, HDFC Bank losing 0.6% at Rs 2192 and ICICI Bank losing 0.1% at Rs 1036. And in the realty space, Unitech shed 2% at Rs 81, Indiabulls Real Estate lost 1.5% at Rs 176 and DLF shaved off 0.5% at RS 316.
The market breadth was positive. Out of 3073 stocks traded on the BSE, there were 1664 advancing stocks as against 1282 declines.
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