Cement shares buck weak market

The market remained subdued in early afternoon trade as rising crude oil prices weighed on the sentiments. The BSE 30-share Sensex was down 51.11 points. Index heavyweight Reliance Industries staged a comeback from day’s low. The market breadth was negative. Global cues were mixed.

As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 62% while that of Nifty was at 56%, as of Wednesday, 26 August 2008. The rollovers are in line with those in previous series. August 2008 derivatives contracts expire today, 28 August 2008.

Inflation based on the wholesale price index is forecast to have risen to a fresh 16-year high for the year through 16 August 2008. The government will release the inflation data after market hours today, 28 August 2008.

On the New York Mercantile Exchange, October 2008 crude rose $1.88 at $118.15 per barrel, yesterday, 27 August 2008 on fears that Tropical Storm Gustav could interrupt oil and natural gas output in the Gulf of Mexico.

At 12:25 IST, the BSE 30-share Sensex was down 51.11 points or 0.36% to 14,245.41. Sensex gained 50.40 points at day’s high of 14,347.19 hit in early trade. At the day’s low of 14,221.83 struck in mid-morning trade, the Sensex lost 74.96 points.

The S&P CNX Nifty slipped 9.30 points or 0.22% to 4,282.80

The market breadth was negative on BSE with 1302 shares declining as compared to 953 that advanced. 111 remained unchanged.

The BSE Mid-Cap indices fell 0.26% to 5,671.89 and the BSE Small-Cap index lost 0.33% to 6,836.97

The total turnover on BSE amounted to Rs 1391 crore at 12:30 IST as compared to Rs 976 crore by 11:30 IST.

Among the 30-member Sensex pack, 17 declined while the rest advanced.

India's largest private sector aluminium maker by sales Hindalco Industries was trading at Rs 124.30. The stock started trading on an ex-rights basis today. The right issue is in the ratio of 3:7, priced at Rs 96 each.

Cement shares rose on fresh buying. North India’s largest cement maker by sales ACC rose 1.27% to Rs 565.60. It was the top gainer from Sensex pack.

Ambuja Cement (up 1.40% to Rs 81), UltraTech Cement Company (up 0.68% to Rs 598.65), and India Cement (up 1.14% to Rs 141.75), gained. As per a recent foreign brokerage report, cement prices are set to decline 15-20% by fiscal 2009-10 due to increase in increase in cement supplies.