Mumbai -- After slipping into red in the opening trade, the market is still moving sluggishly. While the metal and banking stocks are pushing the market back, auto and cement stocks are helping it to move further.
Sharp fall in International Metal prices has faded the shine of Metal stocks. India's largest material-related company, Hindalco has tumbled by 2.2% to Rs. 167, Hindustan Zinc, the company engaged in mining and refining ore to produce non-ferrous metals - zinc, lead and silver, has shed 1.6% to Rs. 596. The steel industry, Tisco has plunged by 1.3% to Rs. 501 and the manufacturer and distributor of aluminum products, National Aluminum is down by 1% to Rs. 200.
Banking stocks have also lost their upward trend on back of selling pressure in Mid cap Banks. Andhra Bank is down by 3.9% to Rs. 86, Syndicate Bank has lost by 3% to Rs. 75, Bank of India has shed 2.3% to Rs. 1581 and OBC has dipped by 1.% to Rs. 221.
Following the track of losers, Tata Tea has lost by 0.8% to Rs. 761. The company has, however, announced its plans of fund raising for buying a 30% stake in US-based beverages firm Glaceau. The scrip has touched a high of Rs. 774 and a low of Rs. 757 and has recorded volumes of over 1,00,000 shares on NSE.
The market got the little boost when cement and auto stocks started trading with gains. Cement stocks are moving upwards amid reports of possible price increase post monsoon. Grasim has gained by 1% to Rs. 2416, ACC has surged by 0.5% to Rs. 948, Mangalam Cement is up by 4.3% to Rs. 208 and Prism Cement has added 3.1% to Rs. 41.
Auto stocks have gained momentum on back of fresh buying. M&M has gained by 1.4% to Rs. 646, Hero Honda is up by 1.5% to Rs. 776, Maruti has surged higher by 0.4% to Rs. 952 and Tata Motors has added 0.5% to Rs. 869.
