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Sensex Up 182 Points In Early Trade; Nifty Above 12000

Indian shares were modestly higher on Thursday after the government set up a Rs 25,000 crore alternative investment fund to revive the housing sector.

The benchmark S&P BSE Sensex climbed 182 points, or 0.45 percent, to 40,651, while the broader NSE Nifty index was up 50 points, or 0.42 percent, at 12,016.

India's largest private steel maker Tata Steel dropped more than 2 percent as it reported 6 percent rise in consolidated profit for the September quarter on the back of one-time gains and a favorable tax regime.

DLF jumped 2 percent after the government approved setting up of a Rs. 25,000 crore alternative investment fund (AIF) to revive around 1,600 stalled housing projects across top cities in the country.

HPCL and Indraprastha Gas edged up slightly ahead of their quarterly earnings results due today.

Indiabulls Housing Finance soared 13 percent after its board approved fundraising plan through issuance of non-convertible debentures and warrants.

Yes Bank slid half a percent after Moody's Investors Service placed its foreign currency issuer rating under review for downgrade.

Drug maker Lupin tumbled 3 percent on reporting a consolidated net loss of Rs 123.44 crore int he September quarter.

Canara Bank advanced 1.6 percent after its quarterly profit rose 22 percent from last year.

Bajaj Electricals fell 2.7 percent on disappointing Q2 results.

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