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Indian Shares Extend Gains For Third Day

Indian shares rose on Tuesday, extending two days of gains, as better-than-expected U.S. manufacturing data eased worries about the outlook for demand.

Metal stocks are leading the gainers after Bank of America-Merrill Lynch upgraded its forecasts for industrial metals like copper. Hindustan Zinc, Jindal Steel, Coal India, SAIL, JSW Steel, Tata Steel, Sesa Goa, Sterlite and Hindalco are up between 1 percent and 2.5 percent.

The benchmark 30-share Sensex is currently at 17,560, up 122 points or 0.7 percent from its previous close, while the broader Nifty index is up 38 points or 0.71 percent at 5,356.

Banks such as ICICI Bank HDFC Bank and SBI are up around 1.5 percent each, engineering & construction giant Larsen & Toubro is rising 1.6 percent, realtor DLF is gaining 1.5 percent and heavyweight Reliance Industries is up 0.9 percent.

Hero MotoCorp is down 0.6 percent after the two-wheeler manufacturer reported a modest 2.4 percent rise in its March vehicle sales.

Second-line stocks are outperforming, with the BSE mid-cap and small-cap indexes rising around a percent each. Strides Arcolab is up 1.8 percent after the company said it has received regulatory approval to market antibiotic tobramycin injection in Canada.

Oil retailers such as HPCL and IOC are posting modest gains as they hiked auto LPG prices by Rs 6 per litre, the third increase this year.

Power financing companies are extending the previous session's gains, with PTC India up 2.8 percent ad REC up a percent. Tata Global Beverages is adding 1.8 percent on reports that Tata Coffee may merge with the company.

by RTTNews Staff Writer

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