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Indian Shares Little Changed In Early Trade

Indian shares are moving sideways in early trading on Friday following weak global cues. U.S. stocks fell overnight and Asian markets are edging lower this morning, albeit posting modest losses, as investors reacted to soft U.S. economic data and talk of a French debt downgrade.

Also, the Indian rupee lost 37 paise to close at an over 3-month low against the dollar yesterday, raising concerns about a shift in capital inflows toward other emerging markets in the wake of uncertainties concerning proposed changes in tax laws.

Recouping early losses, the benchmark 30-share Sensex and the broader Nifty are currently trading flat, while the BSE mid-cap and small-cap indexes are rising 0.3 percent and 0.4 percent, respectively. Consumer durable, IT, auto, realty and healthcare stocks are gaining ground, while oil/gas and metal stocks are subdued.

ACC is tumbling 2.7 percent and Ambuja Cement is down 1.4 percent as both companies reported a sharp fall in quarterly profit in the March quarter. Hindustan Zinc is gaining 0.8 percent despite posting a 20 percent fall in quarterly profit.

Reliance Industries is down 0.9 percent while Cairn India is adding 0.4 percent as they unveil their earnings reports today. United Spirits is rising almost 2 percent after Sovereign Distilleries became its wholly-owned subsidiary. Hindalco Industries is down 0.7 percent on fund raising reports.

Manappuram Finance is little changed after the Pune police arrested Somnath Raghu Waghapure, an assistant manager with the company, for his alleged involvement in a Rs.5-crore heist.

Indraprastha Gas is posting a modest 0.3 percent gain after the Delhi High Court adjourned the hearing on a petition filed by the company on the PNGRB order to May 03. Kingfisher, Jet Airways and SpiceJet are rising more than a percent each after the government allowed airline companies to raise additional low-cost additional capital through the ECB route.

Astra Microwave Products is rallying 6 percent on receiving an export order worth about Rs.310 crore for supply of microwave sub-systems.

Indian shares rose for the fourth consecutive session on Thursday, with benchmark indexes Sensex and the Nifty rising around 0.6 percent each, as major banks like PNB, IDBI Bank and ICICI Bank cut lending rates and reports suggested France and Spain both held successful bond auctions.

by RTT Staff Writer

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