Mumbai: The stock market moved higher on 28 June after a volatile trading session with its benchmark index ending 73.51 points up on strong gains in the blue chips from cement and capital goods sectors.
The Bombay Stock Exchange’s 30-share barometer index, Sensex settled at 14,504.57, as against its previous close of 14,431.06 points.
Buying activity was also seen in mid-cap shares, taking the BSE Mid-cap Index to an all-time closing high of 6,458.00 and new intra-day peak of 6,487.01 points. The Index comprises of 276 scrips with a total market value of Rs6,08,000 crore.
The 50-share Nifty index of National Stock Exchange also advanced by 18.05 points or 0.42% to close at 4,282.00 from its previous close of 4,263.95.
The Sensex had gained more than 100 points in intra-day trade to hit the session’s high at 14,537.04 points, but it pared its gains on selling pressure at higher levels.
Cement shares saw a strong rally, powered by a statement from Finance Minister P Chidambaram the government was not seeking to intefere in prices of the raw material.
Blue-chip cement stocks like Grasim, ACC and GACL were in demand throughout the day and registered huge gains.
The domestic bourses also mirrored firm trends in Asian markets. Barring Shanghai Composite index in China, which dipped by 4%, other Asian indices ended with smart gains. The Hang Seng was up 1.07% in Hong Kong, Japan’s Nikkei rose 0.46%, Singapore’s Straight Times advanced by 0.93%, South Korea’s Kospi gained 1.08% and Taiwan market rose by 0.55%.