Cement, telecom stocks edge higher

Key benchmark indices extended losses in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 55.74 points or 0.21% at 26,061.80. The 50-unit Nifty 50 index was down 14.50 points or 0.18% at 7,931.85. The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,815 shares rose and 751 shares fell. A total of 116 shares were unchanged. The BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.71%. Both these indices outperformed the Sensex.

In overseas equity markets, Asian stocks were mixed amid many markets remaining close for New Year holiday. US stocks closed lower yesterday, 31 December 2015, with trading seen lighter than usual ahead of the New Year's Day holiday.

Closer home, telecom stocks gained. Tata Teleservices (Maharashtra) (up 3.05%), Reliance Communications (up 1.08%), Mahanagar Telephone Nigam (up 0.22%) and Bharti Airtel (up 0.12%) edged higher. Idea Cellular (down 0.66%) edged lower.

Cement stocks also rose. ACC (up 0.99%), Ambuja Cements (up 0.79%), UltraTech Cement (up 0.78%) and Shree Cement (up 0.36%) edged higher.

Grasim Industries up 0.47%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Bharat Heavy Electricals (Bhel) rose 0.95% at Rs 170.85. Bhel announced during market hours today, 1 January 2016 that Atul Sobti has assumed charge as Chairman and Managing Director (CMD) of the company with effect from today, 1 January 2016. Prior to this, Sobti was a director on the board of Bhel, heading two crucial portfolios of power and finance.

Berger Paints India fell 1.88% at Rs 263.20, with the stock sliding on profit booking after a recent rally. Shares of Berger Paints India had risen 6.66% in preceding four trading sessions to settle at Rs 268.25 yesterday, 31 December 2015, from a recent low of Rs 251.50 on 24 December 2015.

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