Market loses grip

The market surged in opening trade, led by banking, IT and telecom shares. Firm global markets, overnight decent-to-strong gains in Indian ADRs on Tuesday and a drop in oil prices lifted the market at the onset of the session. However, cement scrips retreated after the government scrapped import duty on cement.But slowly the markets are losing grip,on back of selling pressure seen in the AUTO and IT stocks.

At 11.45 pm the sensex is trading 129 points up at 12753.60 ,while the Nifty 50 index is trading 36 points up at 3726.95.

Gujarat Ambuja Cements shed 3.4% to Rs 101.75, Grasim shed 1.8% to Rs 2065 and ACC shed 1.6% to Rs 693. The government abolished countervailing duty (CVD) of 16% and an additional customs duty of 4% on portland cement with immediate effect. "Government expects cement manufacturers, in the larger interest of consumers and for checking inflation, will take appropriate measures for moderating cement prices," a finance ministry statement said on Tuesday.

IT shares edged higher, tracking overnight gains in ADRs of IT pivotals. Satyam Computer rose 2% to Rs 468, after its ADR surged nearly 5% on Tuesday to $23.25. Wipro rose 2% to Rs 545, after its ADR gained 4.3% to $15.93 on Tuesday. Infosys rose 0.8% to Rs 1981; its ADR rose 3.7% to $51.69 on Tuesday.