Indian shares rose on Tuesday, mirroring firm Asian cues as weak global manufacturing data spurred hopes of fresh stimulus from major central banks, including the U.S. Federal Reserve. With risk aversion easing, the Indian rupee is trading up about 25 paise to 55.18 against the dollar, extending its winning streak for the fourth consecutive session.
The benchmark BSE Sensex is currently up 98 points or 0.56 percent at 17,497, while the broader Nifty index is rising by 27 points or 0.51 percent to 5,305. Consumer durable and realty stocks are leading the gainers, while auto, oil/gas, metal and IT stocks are subdued.
ICICI Bank is rising 1.7 percent after the private sector lender sold its entire debt exposure in Kingfisher Airlines to a debt fund operated by Kolkata- based Srei Infrastructure Finance.
Hero MotoCorp is gaining 0.8 percent as it posted a 4 percent rise in June vehicle sales. State Bank of India is up 0.6 percent on reports of a $500 million bond sale as soon as this month. Gabriel India is moving up 1.6 percent after its board approved a liberal 1:1 bonus issue. MTNL is rallying 3.6 percent after receiving a Rs.152.5 crore tax refund.
Jindal Steel and Power is unchanged after it reportedly came under the scanner for buying iron ore from Sarada Mines, the group's mining associate, at rates below the market price.
ACC is down 0.9 percent and Ambuja Cements is losing 0.3 percent after they reported cement dispatch numbers for June. Grasim Industries is down 0.9 percent after stopping production at its fibre plant in Nagda, MP due to water shortage.
Indian shares ended Monday's volatile session a tad lower, as investors locked in some gains following Friday's sharp rally. Global cues remained firm on continued optimism over the European pact, helping limit the downside to some extent. The benchmark 30-share BSE Sensex moved in the range of 17,487-17,363 before ending 31 points or 0.18 percent lower at 17,399, while the broader Nifty index ended almost unchanged at 5,279.
by RTT Staff Writer
For comments and feedback: email@example.com