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Indian Shares Modestly Higher In Early Trade

5/2/2012 12:49 AM ET

Indian shares are edging higher on Wednesday, albeit posting modest gains as strong U.S. factory activity data eased global growth worries. U.S. stocks rose overnight and Asian markets are gaining across the board this morning, buoying investor sentiment.

Benchmark indexes Sensex and the broader Nifty are currently up about 0.4 percent each, while the BSE mid-cap and small-cap indexes are up 0.6 percent and 0.9 percent, respectively. Consumer durable, FMCG, IT, metal and banking stocks are gaining ground, but automakers are turning in a mixed performance after releasing April sales figures.

Hero MotoCorp is gaining 1.6 percent ahead of its earning results due today. Bharti Airtel is rising 1.8 percent despite reporting weaker-than-expected sales and profit for the March quarter on a consolidated basis.

Wipro is up 0.7 percent as the software major said it has bought Australian-based analytics firm Promax Applications Group for Australian $35 million. Mahindra & Mahindra is edging up 0.3 percent after its April sales rose 27 percent year-on-year.

Hindustan Unilever and Titan Industries are climbing around 3 percent each on robust Q4 earnings. United Phosphorus is rallying 3.5 percent after announcing a share buyback.

Shares of Aditya Birla Nuvo are moving up almost 2 percent. The company said it would acquire a 50 percent controlling stake in Pantaloon Retail India's chain of fashion apparel and accessories Pantaloon Format business post its demerger from Pantaloons Retail India.

Shares of Pantaloon Retail are tumbling 3.8 percent while those of group firm Future Capital Holdings are down 7 percent.

Tata Motors is tumbling 3.2 percent after the nation's largest automaker reported a 7 percent decline in its total sales including exports in April. Maruti Suzuki is losing 0.6 percent on reporting a modest 3.4 percent rise in April vehicle sales.

by RTT Staff Writer

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