Sensex, Nifty hold morning gains; Ambuja Cements, ACC rally

Equity benchmarks retained morning gains, with the Nifty trading above 8800 led by banking & financials, pharma, FMCG and cement stocks. Investors awaited RBI policy due on Wednesday and corporate earnings.

The 30-share BSE Sensex was up 215.23 points at 28455.75 and the 50-share NSE Nifty gained 61.10 points at 8802.05.

The market breadth remained strong as more than two shares advanced for every share falling on the Bombay Stock Exchange.

Ambuja Cements gained 4.6 percent and ACC was up 3.6 percent after sources told CNBC-TV18 that LafargeHolcim, the parent company of both enterprises, is mulling a merger of the two cement majors.

LafargeHolcim owns 63 percent in Ambuja Cements. In November last year, the parent company had increased its stake in ACC and Ambuja Cements by 4 percent and 2 percent respectively. The parent company took a stake in Ambuja Cements, which in turn owns a 50.05 percent stake in ACC.

BSE shares saw some profit booking after listing day rally, down 1.27 percent at Rs 1,055.65.

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Sensex, Nifty hold morning gains; Ambuja Cements, ACC rally