Cement Scrips Edge To The Fore Amid Dullness

Lack of follow up buying by foreign and domestic funds pulled the Bombay Stock Exchange (BSE) lower on Wednesday with investors booking early gains.

The BSE sensex finished 5.20 points lower at 3,084.38, after crossing the 3,100-level during intraday trades.

"Demand from foreign investors was lower than yesterday, and this seems to have dismayed investors," a fund manager with a domestic mutual fund said.

Meanwhile, the broader National Stock Exchange (NSE) S&P CNX Nifty index shed 0.10 points to end at 988.45. Overall, losers pipped gainers in brisk trades.

Cement shares witnessed hectic buying after government data showed the industry grew 23.5 per cent in July, securing the highest gains among the six core sectors.

ACC advanced 1.75 per cent to Rs 139.20 on buying interest from domestic brokerage houses. Other key cement stocks such as Grasim (up 1.30 per cent to Rs 315.70) and Larsen & Toubro (up 1.10 per cent to Rs 174.45) remained firm on selective buying interest.

Most heavyweights stocks remained weak on selling pressure. Two-wheeler major Hero Honda Motor shed 3.53 per cent to settle at Rs 283.15 on profit booking after recent gains. From a recent high of Rs 309.40 it touched on August 19, the stock has shed over 8 per cent on profit booking.

Other stocks such as Reliance Industries (down 1.55 per cent to Rs 245.30), ITC (down 1.45 per cent to Rs 681.45), and Reliance Petroleum (down 0.92 per cent to Rs 21.60) remained weak. However, Ranbaxy Labs (up 1.28 per cent to Rs 897.25) and Dr Reddy's Labs (up 1.42 per cent to Rs 871.55) bucked the weak trend on the market.

Defensive buying interest was also seen in Tata Steel (up 1.27 per cent to Rs 119.85), BSES (up 1.14 per cent to Rs 227.20), Castrol India (up 0.92 per cent to Rs 192), and Hindalco (up 0.37 per cent to Rs 590.25).

Among technology stocks, HCL Technologies shed 4.35 per cent to Rs 201. The stock plunged from the day's high of Rs 214.75 on profit booking after recent gains.

Infosys Technologies bounced back from a low of Rs 3,301 to Rs 3,420 before settling at Rs 3,398.40, up 2.32 per cent over Tuesday's close.

Media major Zee Telefilms slipped from a high of Rs 111.55 to Rs 107.55 before settling at Rs 108.75, up 0.32 per cent over Tuesday's close.