Sensex, Nifty consolidate; ACC, Ambuja Cements bounce back

Indian equity benchmarks moved higher amid choppy trade led by support from ICICI Bank, ONGC and Larsen & Toubro. Steel, healthcare and power stocks too were quite supportive whereas ITC, TCS, Coal India and Bharti remained under pressure.

The BSE benchmark moved up 65.54 points to 16,925.34 and the NSE benchmark was up 28 points to 5,131.95.

ACC and Ambuja Cements recouped all early trade losses, rising nearly 4% each. In early trade, these stocks were down because sources said CCI found cement companies guilty of cartelisation and slapped with penalty of 8% of average turnover of 3 years.

Top commercial vehicle maker Tata Motors rallied 3.2% and state-owned oil & gas producer ONGC was up 2.22%.

Country's largest private sector lender ICICI Bank gained 1.2% while its rival State Bank of India rose 0.7%.

Engineering and construction major by sales Larsen & Toubro moved up 1.35% and state-owned capital goods company BHEL was up 2.2%.

Aviation stocks surged on reports that the civil aviation ministry will meet with finance ministry counterparts to discuss lowering aviation turbine fuel taxes, raising hopes of an announcement, traders said.

The civil aviation ministry had proposed earlier to slash state taxes on jet fuel, which would help bring down costs for ailing local airlines that are reeling under a debt load of USD 20 billion and annual losses of around USD 2 billion. Jet Airways was up 4% and Kingfisher Airlines rallied 8%.

Educomp Solutions shot up 12% amid heavy volumes as company tied up for USD 155 million to pay off FCCBs worth USD 78.5 million on due date.