neutral
Recently
Indian benchmarks pause as foreign selling returns, cement stocks buck trend
Indian markets traded flat as foreign selling capped gains, while Ambuja and Orient Cement jumped after approval of a major merger announcement boosted sector sentiment.
Indian equity markets traded cautiously on Tuesday as benchmark indices gave up early gains, snapping a two-session rally amid renewed foreign investor selling and the absence of fresh triggers before the year end. The Sensex hovered near flat levels while the Nifty 50 slipped below the 26,200 mark, weighed down by IT and banking heavyweights such as Infosys and ICICI Bank. In contrast, select cement stocks outperformed sharply. Shares of Orient Cement and Ambuja Cements surged up to 10% after Ambuja Cements, part of the Adani Group, approved the merger of ACC Ltd and Orient Cement Ltd, a move seen as strengthening scale, efficiencies and long-term competitiveness in the sector.