Indian shares recouped early losses to end modestly higher on Wednesday notwithstanding a weaker rupee and mounting concerns over the monsoon's anaemic performance thus far. As the presidential election nears its final, investors bet that the government will pursue "difficult" economic reforms to boost sagging economic growth and dwindling foreign investment.
Global cues offered no clear direction today after the Federal Reserve chief offered a gloomy view of the economy's prospects and warned of another recession and fewer jobs in 2013.
The benchmark 30-share Sensex recovered about 150 points from its day's low to end up 80 points or 0.47 percent at 17,185, while the broader Nifty index rose by 23 points or 0.45 percent to 5,216. Bajaj Auto led the gainers in the Sensex pack, climbing 5.2 percent, after it reported a marginal 1 percent rise in net profit for the June quarter.
Tata Power gained 2.7 percent on fund raising reports, Jindal Steel advanced 2.7 percent after terminating a mining and steel venture in Bolivia and Sterlite Industries rose 2.4 percent.
Car maker Maruti Suzuki rose 2.3 percent, engineering & construction giant Larsen & Toubro advanced 1.7 percent and private sector lender ICICI Bank added 1.6 percent. Retailer Pantaloon Retail India soared 6.8 percent, rival Shoppers Stop rallied 5.4 percent and Trent jumped 3.6 percent on expectations the government would allow FDI in multi-brand retail after the presidential election.
by RTT Staff Writer
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