Indian shares are edging higher on Wednesday, helped by firm global cues after data pointing to strong German investor confidence signaled Europe's largest economy is rebounding from a slump.
The benchmark BSE Sensex is up 44 points or 0.22 percent at 19,680, while the broader Nifty index is at 5,952, up 12 points or 0.2 percent from its previous close. Second-line stocks are also following suit and the market breadth is extremely positive, with gaining shares outpacing declining shares in the ratio of about 2:1 on the BSE.
Reliance Industries is rallying 2 percent as the energy giant and British firm BP Group said they plan to invest over $5 billion (around Rs. 27,127 crore) in the next three to five years to increase output from the KG-D6 block. Hero MotoCorp, HCL Technologies, DLF, BPCL and Ambuja Cement are up 1-2 percent.
Kingfisher Airlines is locked at the 5 percent upper circuit limit on reports that it has started paying salaries and seeking license renewal. V-Mart Retail is gaining 2 percent on its debut compared to its initial public offering price of Rs. 210 a share.
MCX is rising half a percent on news that the newly-launched stock exchange would introduce incentive schemes for brokers and intermediaries to enhance liquidity in illiquid securities in the equity and derivatives segments with effect from March 6, 2013.
Wipro is gaining 0.8 percent on bagging a 10-year contract from Mumbai International Airport for providing IT services for the new integrated terminal T2.
Tata Motors is down 0.3 percent on reports it has halved production at its Jamshedpur plant and is reviewing expansion plans. Shares of Maruti Suzuki are down 1.3 percent and Bharti Airtel is losing 1.1 percent, while Kotak Mahindra Bank, Lupin and NTPC are down over a percent each.
Indian shares rose notably on Tuesday, with gains accelerating in the afternoon helped by firm European cues. Reversing early losses, the benchmark BSE Sensex ended the session up 135 points or 0.69 percent at 19,636, while the broader Nifty index rose by 42 points or 0.70 percent to 5,940.
by RTT Staff Writer
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