Indian shares are edging higher on Thursday, albeit posting modest gains as investors roll over their positions due to the April F&O expiry. Consumer durable, IT, realty, metal and realty stocks are gaining ground, while FMCG and oil/gas stocks are subdued.
Other Asian markets are turning in a mixed performance after the U.S. Federal Reserve boosted its outlook for U.S. economic growth this year and reiterated its pledge to keep interest rates low until 2014.
The benchmark 30-share Sensex and the broader Nifty index are currently up around 0.1 percent each, while the overall market breadth remains fairly positive.
Among the prominent gainers, private sector lender ICICI Bank is gaining half a percent, steel maker Tata Steel is up 0.7 percent, software services exporter Infosys and drugmaker Cipla are rising around 0.8 percent each and utility vehicles manufacturer Mahindra & Mahindra is adding a percent.
Idea Cellular is rallying almost 3 percent ahead of its quarterly earnings today. Hindalco is edging up 0.3 percent as the Aditya Birla group's flagship firm raised Rs. 3,000 crore through a private placement of NCDs.
Sterlite Industries is losing a percent after the Vedanta group firm reported a 34 percent fall in fourth-quarter consolidated net profit. LIC Housing Finance is down half a percent on positing disappointing quarterly results. Bharat Electronics is declining 2 percent after the company deferred a share buyback proposal.
Oil retailers like BPCL and HPCL are drifting lower after key UPA allies NCP and the Trinamool Congress joined the BJP and Left in opposing a move to deregulate diesel prices.
Benchmark indexes Sensex and the Nifty fell about 0.4 percent each on Wednesday after Standard and Poor's downgraded India's long-term rating outlook to "negative" from "stable" citing the worsening fiscal situation and political constraints for pursuing economic reforms.
by RTT Staff Writer
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