Shan’s Blog

The benchmark BSE Sensex ended 17 points higher in volatile trade on late buying by funds and retailers in traditional economy stocks, triggered by a cut in freight rates for diesel, petrol and iron ore in the railway budget.

The 30-share index, which had lost more than 770 points in the past four trading sessions in a row, crashed by nearly 210 points at midsession but staged a solid comeback on emergence of buying at lower levels and closed 16.99 points up at 13,649.52.

It moved beetween 13,723.40 and 13,383.88.

Similarly, the NSE wide-based Nifty index ended 3.05 points higher at 3,942.00 after hitting an intra-session low of 3,856.70 and a high of 3,958.90.

Stock brokers said a five percent cut in freight rates for diesel, petrol and six percent reduction on minerals, including iron ore and limestone proposed in the Railway budget, fuelled late buying, particularly in steel and cement sector stocks.

Steel giant Tata Steel’s scrip moved up by Rs 9.75, or almost 2 percent at Rs 470 while cement major ACC counter went up by Rs 28.10, or 3 percent at Rs 942.55.