Indian shares rebounded on Tuesday despite weak Asian cues following dismal Chinese trade data. The rupee rose marginally in early trading and data available with market regulator SEBI showed that FIIs have been increasing purchases and bought shares worth Rs.5,200 crore on a net basis in just 4 sessions, helping to offset negative global cues.
Asian markets are subdued, with key benchmark indexes in Australia, China, New Zealand and South Korea declining about half a percent each, after data showed China's imports rose 6.3 percent in June from a year ago, missing estimates for a 10.4 percent increase. Exports during the same period increased 11.3 percent versus forecast of 9 percent, resulting in a trade surplus of $31.7 billion.
The benchmark BSE Sensex is currently up 77 points or 0.44 percent at 17,469, while the broader Nifty index is at 5,297, up 22 points or 0.42 percent from its previous close. Auto, realty, consumer durable, capital goods and banking stocks are leading the gainers list, while FMCG and power stocks are subdued.
Suzlon Energy is up 1.3 percent after signing a 300 MW equipment sale agreement with ReNew Power. SBI is moving up 0.7 percent even as the state-run lender said it is unlikely to recover $1.4 billion in loans owned by embattled airline Kingfisher in the short term.
Essar Oil is little changed after the Gujarat government froze three bank accounts of the oil firm to recover Rs. 8414-crore sales tax dues. Coal India is adding half a percent as it postponed a board meet to discuss the issue of signing fuel supply agreements with power firms.
IndusInd Bank is rising 1.4 percent ahead of its quarterly results today. REC is climbing 2.1 percent on reports that it has raised Rs 3,085 crore via a bonds issue.
OnMobile Global is rallying 6.3 percent after its CEO Arvind Rao resigned over "weaknesses in some processes". Varun Shipping is climbing 12 percent on debt restructuring reports.
Tata Power is losing a percent after Standard & Poor's cut its credit rating outlook to 'negative' from 'stable' citing high debt and rising expenditure due to the Mundra ultra mega power (UMPP) project.
India's benchmark indexes Sensex and the Nifty fell less than a percent each on Monday, mirroring a weak trend across Asia and Europe as dismal economic data from the U.S. and Japan coupled with worries about a slowing Chinese economy kept investors on edge.
by RTT Staff Writer
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