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Indian Shares Lackluster In Early Trade

4/25/2012 12:51 AM ET

Firm Asian cues helped Indian shares edge higher for a second consecutive session on Wednesday. Having said that, stocks pared early gains as IT stocks came under selling pressure following Wipro's March 2012 quarter results

Asian markets are rising, with Japan's Nikkei average leading the gainers with a 1 percent gain, as the yen slipped against other major currencies on speculation the Bank of Japan will announce further asset-buying measures next week. Also boosting investor sentiment, Apple's earnings beat street estimates and data showed that South Korean consumer confidence climbed to the highest level in 11 months in April.

Closer home, the benchmark 30-share Sensex is currently up 12 points or 0.08 percent at 17,219, while the broader Nifty index is up 3 points or 0.05 percent at 5,225.

Sesa Goa is moving up 1.6 percent after the iron ore miner reported a 21 percent fall in its Q4 net profit due to lower production and higher interest costs. Sterlite Industries is gaining 1.7 percent, Yes Bank is adding 1.3 percent and India Cements is up 1.6 percent as they unveil their quarterly earnings today.

Wipro is plunging 6.5 percent as it reported a 7.7 percent rise in quarterly profit and forecast muted revenue growth. Rival Infosys and TCS are losing around a percent each.

Kingfisher Airlines is little changed after hitting a record low of Rs.13 yesterday. Jet Airways is edging up 0.3 percent while SpiceJet is down almost 2 percent after the Reserve Bank of India allowed aviation companies to tap external commercial borrowings for working capital needs.

Coal India is losing 0.4 percent as the stat-run miner scaled down its production target a notch to 468.74 million tonnes for the current fiscal. NTPC is edging down 0.2 percent amid reports that it has refused to sign a fuel supply agreement with Coal India.

Union Bank of India is gaining more than a percent and Central Bank of India is adding half a percent after the state-run banks cut their base rates. Info Edge is rallying 2.3 percent after it proposed to consider a bonus issue. Era Infra Engineering and Petron Engineering are posting modest gains on winning new work orders.

by RTT Staff Writer

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