Shipping stocks buck trend

Shipping stocks however mostly managed to hold gains despite weakness in the broader market. 

Bharati Shipyard zoomed nearly 13% to Rs 107.  Shipping Corporation of India gained nearly 3% at Rs 94. Great Eastern shipping was down nearly 1% at Rs 239.
 
ABG Shipyard soared over 13% to Rs 151. Varun Shipping moved up 3.7% to Rs 50.75. Mercator Lines ended flat at Rs 41.55.

Updated at 1207 hrs

Shipping stocks are witnessing all-round buying following the Bharati Shipping - Great Offshore deal.

Bharati Shipyard yesterday announced the acquisition of 14.89% stake at Rs 315 per share in Great Offshore. Bharati Shipyard has soared 15.5% to Rs 110, while Great Offshore has gained 4% at Rs 308.

Shipping giants - Great Eastern Shipping and Shipping Corporation of India (SCI) have also advanced significantly. GE Shipping has added 2.5% to Rs 247. SCI has moved up 4.5% to Rs 95.85.

Others, ABG Shipyard has zoomed over 14% to Rs 152.30. Varun Shipping has rallied 5% to Rs 51.50. Mercator Lines has added 2.5% to Rs 42.60.