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Indian Shares Little Changed In Early Trade

Indian shares are moving sideways in early trading on Tuesday, as the confusion around the general anti-avoidance rules issue and caution ahead of the fourth-quarter earnings season prompted most retail investors and overseas funds to take a cautious stance. Other Asian markets are rebounding after five days of successive losses, supporting sentiment to some extent.

Trading choppily in a narrow range, the benchmark 30-share Sensex is currently up 27 points or 0.15 percent at 17,249, while the broader Nifty index is up 12 points or 0.23 percent at 5,247.

Bharti Airtel is up marginally as it launches broadband wireless access services based on 4G technology in Kolkata today. Alstom T & D India is up 0.8 percent on bagging a contract worth Rs.74 crore from Jyothi Structures. Ahluwalia Contracts is down marginally despite winning new work orders worth Rs.805 crore.

Patni Computer Systems is rising 2 percent after U.S.-based IT outsourcing provider iGate Corporation said it would offer Rs.520 a share to delist Patni from Indian bourses. Marico is adding a percent after the FMCG major said it will sell 4.56 percent stake in the company to two foreign investors.

Viceroy Hotels is rallying 4.8 percent after high net worth investor Rakesh Jhunjhunwala increased his stake in the company. Blazon Marbles is climbing 4.5 percent ahead of a board meet tomorrow to consider a stock split.

Tata Steel is losing 1.1 percent after the company posted 3.3 percent rise in sales from its Indian operations in the January to March quarter. Dhanlaxmi Bank is declining 1.7 percent on fund raising reports.

Indraprastha Gas is down a whopping 31 percent after the Petroleum and Natural Gas Regulatory Board has directed the company to reduce natural gas prices for Delhi consumers. Shares of Gail India, Petronet LNG and Gujarat Gas are down 4-6 percent.

by RTT Staff Writer

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