Indian shares rose for the fourth consecutive session on Thursday, with gains accelerating late in the session, as major banks like PNB, IDBI Bank and ICICI Bank cut their lending rates and reports revealed France and Spain both held successful bond auctions.
While France sold a total of EUR7.973 billion of bonds at the top end of targeted range, Spain managed to sell EUR 2.54 billion in 2 and 10-year bonds, just above the original EUR 2.5 billion target at higher yields, early reports indicated, easing concerns over Europe's debt crisis.
The benchmark 30-share Sensex ended the session up 111 points or 0.64 percent at 17,504, while the broader Nifty index rose by 32 points or 0.61 percent to 5,332. Shares of both HDFC Bank and Tata Motors jumped over 3 percent each to hit fresh 52-week highs, while Reliance Industries shed a percent ahead of its quarterly results tomorrow.
On the global front, other Asian markets traded in a narrow range on Thursday, as a weak lead from Wall Street following lackluster results from Intel and IBM and caution ahead of the Spanish government bond auction kept investors at bay.
European stocks maintained early gains, commodities rebounded and trading in the Dow futures point to a firm start on Wall Street ahead of U.S. data on jobless claims, existing home sales and a regional manufacturing survey.
by RTT Staff Writer
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