While the old economy stocks continued to remain firm on institutional as well as speculative buying, the new economy stocks also bounced back after Nasdaq futures rose. Buying was seen in the cement, FMCG and select media stocks. Pharma stocks were subdued on profit booking. Grasim was one of the major winners and gained considerable ground. ACC also continued to move northwards.
Market participants anticipate a further hike in cement prices.
Shares of ITC gained following reports that the company has hiked prices of its premium cigarette brands by 10-20 per cent. The Forecast A fierce battle seems visible between the bulls and the bears. The sensex and the market as a whole have been displaying positive divergence as compared to the Nasdaq. It was at its unpredictable best, proving for the umpteenth time that it has a mind of its own. The market, we mean.