 "Sensex, Nifty close flat; cement stocks edge higher")
It was a lacklustre session on the streets today. The BSE Sensex closed up 37 points to 16,896 while the Nifty closed up 16.7 points to 5,120. The market breadth was positive. On the BSE, 1,615 shares advanced while 1,091 declined.
Among sectoral indices, metals was the top gainer (1.3 percent) followed by capital goods (1.17 percent) and healthcare (1.16 percent). The BSE Sensex rose as power equipment makers such as Larsen & Toubro gained on hopes the government would consider taking action on import duties, while other bluechips gained ahead of the Fed meeting.
Select cement stocks have reversed their initial losses. While Ultratech and Madras Cement are down -1.2 percent -0.95 percent, respectively, Ambuja (2.5 percent), ACC (3.8 percent) traded higher.
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Stocks fell, triggered by reports that the Competition Commission of India (CCI) has slapped penalty of about Rs 3,000 crore on 11 big cement manufacturers which were found guilty of being involved in price cartel.
Stock specific news:
•Coal India fell 1.5 percent on reports the company would see a 7 percent hike in wage cost this financial year, which will increase its salary bill by as much as Rs 1,750 crore.
•Aviation stocks closed up on reports the civil aviation ministry will meet with finance ministry counterparts to discuss lowering aviation turbine fuel taxes. Kingfisher closed up 6 percent, Jet Airways (4.2 percent) and SpiceJet (3.47 percent).
•BHEL gained 1.7 percent on report the Prime Minister’s Office has called a meeting today to revive the contentious issue of imposing duty on foreign power equipment in the country.
•Citi cut DLF target to ’neutral’ from ‘buy’ and cut the target price to Rs 218 from Rs 266. The stock closed down 1.4 percent.
(with inputs from Reuters)
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