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Following the upgrades, Ultratech shares jumped 3.5% to hit a 52-week high of Rs 10,379.70 on BSE. Dalmia Bharat stock rose 3% to Rs 2,301.70, while that of The Ramco Cements went up by 5% to Rs 1,037.45. Shree Cement was also trading about 1% higher.
When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
Major brokerage firm, Nomura, recently upgraded several cement stocks, notably UltraTech Cement, Dalmia Bharat, Ramco Cements
India's cement industry showed robust volume growth of 17 percent year-on-year in the first half of FY24. The momentum is expected to persist in the second half, anticipating an 11 percent increase in sales volumes from the first half and a 13 percent year-on-year surge, Nomura said.
UltraTech Cement ended over 4% higher, along with other cement stocks, after Nomura upgraded the sectoral outlook. Among bluechips, Hindalco and Bajaj Auto ended 4% higher while heavyweight HDFC Bank advanced 1%. The combined market capitalisation of all BSE-listed stocks rose by Rs 2.5 lakh crore to Rs 361.4 lakh crore.