The scrip of Ambuja Cement moved up about five per cent on Thursday, after having slipped over 5.3 per cent in the past nine trading sessions.
On the NSE, the scrip rose by 4.6 per cent and ended the day at Rs 189.25. On the BSE, it gained 4.5 per cent to end at Rs 188.60.
“Over the last few days, the stock had seen heavy correction. Also, market sentiment was positive today which led to the bounce back of the stock,” said Sunil Jain, VP — Equity Research, Nirmal Bang.
Analysts said since cement sales were low during the monsoon, the outlook for the sector remained weak. However, post monsoon, demand was expected to pick up as manufacturers would either be able to maintain their prices or increase them.
The scrip saw a slow ascent through the day on the bourses.
On the NSE, it touched a high of Rs 190.40 a share and a low of Rs 179.25. On the BSE, the scrip touched a high of Rs 189.80 and a low of Rs 180.