Indian shares rebounded from the previous session's steep losses on Friday, as reports that major central banks are preparing a coordinated action to pump money into the financial system after the Greek elections helped improve risk appetite.
Asian markets are trading mostly higher, commodities are gaining ground and the rupee rose today, in tandem with positive global cues, supporting sentiment.
The benchmark 30-share Sensex is currently rising 108 points or 0.64 percent to 16,784, while the broader Nifty index is at 5,086, up 31 points or 0.61 percent from its previous close.
Coal India, Hindalco, Tata Motors, ICICI Bank, ONGC, Hero MotoCorp, Mahindra & Mahindra and SBI are among the prominent gainers in the Sensex pack.
Tata Motors is gaining 1.9 percent ahead of its JLR monthly sales numbers due out today. Jaiprakash Associates is moving up 1.9 percent on a report that UltraTech and Lafarge are eyeing its cement business.
Pantaloon Retail is climbing 2 percent as it raised Rs.800 crore by issuing convertible debentures to Peter England Fashions and Retail on a preferential basis.
Info Edge is up nearly 2 percent after it received shareholder nod for a 1:1 bonus issue. Puravankara Projects is edging up 0.2 percent after it set up an office in Saudi Arabia.
Inox Leisure is rallying 3.6 percent ahead of a board meet today to consider the amalgamation of the company with Fame India. Likewise, Jyothy Laboratories is posting a modest 0.2 percent gain ahead of its board meeting today to consider the merger of Henkel India with the company.
HDFC is losing 0.3 percent after the mortgage lender rejected a recent report by Macquarie Research which said the company had used "aggressive accounting practices" to inflate earnings. State-run oil retailers like BPCL and HPCL are down about half a percent each on the buzz that they may cut petrol prices by up to Rs 2 per litre later today.
Shristi Infrastructure Development Corporation is tumbling over 10 percent after launching a new project in south Bengal.
Benchmark indexes Sensex and the Nifty fell about 1.2 percent and 1.3 percent, respectively, on Thursday after government data showed the headline inflation accelerated to 7.55 percent in May from a year earlier, driven by higher food and fuel prices, making it harder for the Reserve Bank of India to cut interest rates aggressively.
Weak global cues following Spain's credit rating downgrade by Moody's, a weaker rupee and some fresh developments in the run-up to Presidential election also kept investors in a cautious mood.
by RTT Staff Writer
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