Mumbai: The benchmark Sensex on 6 September regained its upward march, rising over 170 points on the Bombay Stock Exchange on revival of buying by funds in bank and cement stocks.
The BSE 30-share index, which yesterday snapped an eight-day rising streak, shot up by 170.16 points to end at 15,616.31. It touched a high of 15,637.73 and a low of 15,350.18 points during today’s trade, as the market remained volatile at the early stage.
The key-index rose to its highest level in more than a month as cement major ACC and private lender HDFC Ltd recorded hefty gains.
The National Stock Exchange index Nifty shot up by 42.75 points at 4,518.60. It touched the day’s high of 4,522.50 and a low of 4,445.55 points.
Marketmen said cement shares rose on speculation that imports from Pakistan won’t pose a threat to earnings.
ACC, the country’s largest cement maker, added Rs19.80 at Rs1,102.20, followed by the third-largest Grasim Industries, which rose by Rs121.20 at Rs3,177.35. Ambuja Cements rose by Rs3.15 to Rs141.
However, banking stocks turned out to be the biggest gainers with the banking index gaining 92.43 points at 8,110.85.
The stock markets overcame initial weakness and showed signs of consolidation with the benchmark Sensex gaining 49.30 points in morning trading on the back of consistent FII inflows amid bearish global cues.
The Bombay Stock Exchange (BSE) 30-share barometer opened lower at 15,383.18 and dropped to a low of 15,350.18 during the initial five minutes of trading, a fall of 95.97 points from yesterday’s close of 15,446.15.
The Sensex, however, recovered smartly and touched a high of 15,495.45 before being quoted at 15,482.06 at 10.30 am.
Foreign Institutional Investors (FIIs) pumped in nearly Rs2,172 crore in equity in last four days since 31 August.
Global markets, however, remained under pressure on concerns about a fresh housing slump in the US spreading into the job market and slow down in consumer spending.