Markets close higher; cement stocks surge

Markets ended the day higher on the back of a sharp surge in cement stocks, as investors continue to bet on high beta names.

The Sensex ended the day higher by 61 points, while the Nifty ended the day with gains of 15 points. Among the shares that rallied smartly in trade today were cement players including Jaiprakash Associates and Ambuja Cements. Other stocks that rallied in trade were Infosys and Tata Motors.

However, private sector banking stocks were subdued in trading today with Axis Bank, HDFC Bank and ICICI Bank all ending the day with marginal losses.

Metal stocks ended the day mixed with Tata Steel dropping marginally, while Hindalco and Jindal Steel saw sharp gains.

Shares of Kingfisher Airlines dropped sharply in trade today after the company made a statement announcing that a strike at the airline could disrupt its flight schedules.

Shares of NCC rallied more than 3% after Morgan Stanley Infra Partners said it is in talks to buy 51% stake in Western UP Tollway (NCC Infra and Gayatri Projects hold stake in it).

Meanwhile, shares in Europe surged higher despite lingering worries over the debt worries in Spain and Greece. The German DAX and the French CAC were up more than 1% in trade today.

Markets are closed tomorrow on account of Gandhi Jayanthi and are likely to resume trade on Wednesday.

GoodReturns.in