Indian shares are trading modestly higher on Tuesday, mirroring positive Asian cues. Most Asian stocks recovered after a mixed start despite concerns over a surge in Spanish borrowing costs, while the euro stayed under pressure against major currencies, dragging down the rupee after three days of successive gains.
Healthcare, capital goods, banking and auto stocks are rising, but consumer durable, FMCG and realty stocks are edging lower, limiting the upside. Both the BSE Sensex and the broader Nifty index are currently up about 0.1 percent each, while the BSE mid-cap and small-cap indexes are gaining around 0.2 percent each.
Coal India is adding a percent after posting a modest 5 percent fall in Q4 profit. Tata Motors is up 1.1 percent and ONGC is edging up 0.3 percent as they unveil their March quarter earnings today. Oil India is gaining half a percent after it expressed interest for buying a 51 percent stake in Mukesh Ambani's privately-owned firm Reliance Gas Transportation Infrastructure.
Steel Authority of India is up 0.3 percent as it signed an equal JV agreement with Burn Standard Company for setting up a wagon components manufacturing facility in West Bengal. GVK Power & Infrastructure is moving up 0.8 percent after it won state environmental approval to develop one of Australia's biggest coal mines.
Bharat Forge is declining 0.2 percent on reports the auto components maker is mulling liquidating its plant and machinery in America.
Benchmark indexes Sensex and the Nifty rose about 1.3 percent each on Monday, as the government's refusal to roll back the petrol price hike despite continued protests, the strengthening of rupee for a third day in a row and a firming global trend triggered hectic short covering ahead of the near-month F&O contracts expiry falling due on Thursday.
by RTT Staff Writer
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