Sensex up 168 pts in early trade
The stock market continued its upward trend by gaining 168 points on the back of buying by funds and retail investors.business Updated: Apr 04, 2007 11:56 IST
The stock market continued its upward trend on Wednesday, with the benchmark BSE Sensex rising by another 168 points in early trading on the back of buying by funds and retail investors.
The strength in Dalal street was largely on the back of firmness witnessed on the global markets.
The 30-share index Sensex, which had gained 169.21 points in the previous session, gathered another 168.33 points at 12,792.91 in five minutes of trade.
Similarly, the wide-based National Stocks Exchange Nifty was up by 50.35 points, or 1.32 per cent at 3,741.00. Stock brokers said foreign funds were seen accumulating heavy-weight stocks, available at an attractive levels.
Major gainers were Reliance Industries, Satyam Computers, Reliance Capital, Infosys Technologies, TCS, Reliance Communication, Reliance Energy, Hindustan Lever Limited and Dr Reddy's.
However, cement stocks such as ACC, Grasim Industries, Gujarat Ambuja Cement and Indian Cement witnessed massive selling after government abolished all duties on import of cement.
The existing 16 per cent countervailing duty and 4 per cent additional customs duty on cement have been removed with immediate effect.