Markets give up some early gains but cement shares rally

The market firmed up in opening trade tracking firm global markets. A bout of volatility was witnessed in early trade. But now the markets have given up some of its opening gains but still trading firm with significant gains. All the cement stocks are looking very strong today after Finance Minister's clarification on unfreezing of cement prices.

At 11.30 am IST, the Sensex is up 52.90 points at 14483.96, and the Nifty up 9.20 points or at 4273.15.

Cement stocks surged after Finance Minister said that there is no price freeze for cement companies and he will not interfere with cement pricing. Cement major ACC surged 4.63% to Rs 868.25 on 84,102 shares, and was the top gainer from the Sensex pack.Ambuja Cements (up 3.91% to Rs 121), and Grasim (up 3.07% to Rs 2579.90), also edged higher.

Auto major Bajaj Auto was the top loser from the Sensex pack, down 1.51% to Rs 2097.Hindaco (down 1.41% to Rs 167.90), Hindustan Unilever (down 0.95% to Rs 188.95), and Reliance Energy (down 0.90% to Rs 573), were the other losers.

Meghmani Organics got listed on the bourses at Rs 33.25 on versus issue price of Rs 19.The market is expected to swing sharply today, 28 June 2007, as derivatives contracts for June 2007 series expire today.