The Hindu Business Line : Sensex dips 150 pts on move to check cement prices

Share prices fell for the second consecutive day on Friday on nervous selling following the Government's move to check the spiralling cement prices, dealers said.

Cement majors Gujarat Ambuja and ACC led the fall on Friday with the benchmark BSE-30 Sensex losing 327 points in the last two sessions of the week. Sensex fell by 150.30 points to 12,285.11 on Friday. NSE's S&P CNX Nifty index fell by 51 points or 1.38 per cent to 3,650.05 points.

Index heavyweight Reliance Industries Ltd, which had a decent run up over the last couple of weeks, cooled off further to Rs 1,066.95, down Rs 41.55 or 3.75 per cent from Thursday. ONGC lost Rs 40.30 or 2.76 per cent to Rs 1,417.25. The market breadth was also negative with 1,487 declines to 1,065 advances.

Foreign funds, which were net sellers for over Rs 1,000 crore on Thursday, continued to be net sellers on Friday, dealers said. Provisional figures with the NSE showed that the FIIs were net sellers for Rs 471 crore on Friday.

Following the Government's directive to cement makers to bring down the prices, stocks of cement companies fell by over 7 per cent, dealers said. Gujarat Ambuja fell by 7.50 per cent to Rs 106, while ACC was down 7.09 per cent to Rs 897.20.

Among the major gainers in Friday's weak market were Larsen & Toubro (up 2.19 per cent to Rs 2,837.40) and NTPC (up 1.43 per cent to Rs 130.95).

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