Sensex gains 111 points in early trade
The BSE benchmark Sensex continues its upward march with shares lead by cement sector rising on heavy purchases.business Updated: Sep 10, 2012 12:07 IST
Continuing with its upward march, the Bombay Stock Exchange benchmark Sensex on Friday gathered another 111 points in early trade with shares led by cement sector rising on heavy purchases following the government's announcement of a cut in excise duty on building material.
The 30-share Sensex, which had gained over 205 points on Thursday, shot up by another 111 points at 14,189.21 points in the first five minutes of trading on the back of a rally in cement, metal, auto and banking sector stocks.
Similarly, on the wide-based National Stock Exchange, Nifty was up by 30.05 points at 4,180.90.
Stock observers said the government's decision to reduce the excise duty on cement provided a boost to the cement industry, triggering fresh buying interest in sector stocks.
They said firming global markets too influenced the trading sentiments.
Among cement stocks, ACC climbed Rs 22.75 at Rs 875, Grasim Industries by Rs 57.45 at Rs 2,550 and Gujarat Ambuja Cement by Rs 1.85 at Rs 123.50.
Other gainers, which also contributed the rise in the Sensex were Maruti Udyog, Tata Steel, HDFC Ltd and Hindustan Lever.