Indian shares extended gains for a third consecutive session on Thursday as upbeat global manufacturing data bolstered investor risk appetite. The Indian rupee hit a three-month high in early trading today, supported by robust dollar inflows, gains in regional equities and a rebound in the euro.
The benchmark 30-share is rising 187 points or 1.08 percent to 17,488, while the broader Nifty index is up 54 points or 1.03 percent at 5,290. Second-line stocks are also rallying and the market breadth is extremely positive, with gaining shares outpacing declining ones in the ratio of about 3:1 on the BSE.
Maruti Suzuki is up 1.1 percent, a day after the company launched its smaller version of the Swift Dzire sedan. Hero MotoCorp is moving up 1.9 percent after the two-wheeler manufacturer posted its highest-ever sales of 5,20272 units for January.
STC, ONGC, BHEL and ITI are climbing 2-10 percent ahead of a ministerial meeting to consider selling shares in public sector undertakings. Mahindra Satyam is gaining 2.4 percent as the company beat estimates with a five-fold jump in quarterly net profit. Hexaware Technologies is up 9 percent on solid quarterly results.
Andhra Bank is rallying 3.4 percent and Corporation Bank is up marginally ahead of their quarterly results today. Dena Bank is climbing 4.4 percent ahead of a board meet next week to consider a preferential share issue to insurance companies and mutual funds.
Lanco Infratech is up 1.3 percent after denying that it had violated norms laid down by the government to win solar projects in excess of its entitlement.
Andhra Pradesh Paper Mills is adding 2.3 percent after U,S.-based International Paper has constituted a new board of directors for the company. Binani Industries is locked at the 5 percent circuit limit after it bought a Belgian fibreglass company for 275 million euros.
Telecom stocks are trading mixed ahead of the Supreme Court's verdict today on whether telecoms licenses granted to several companies in 2008 should be revoked. Bharti Airtel is up 1.3 percent and Idea Cellular is gaining 1.1 percent, while Reliance Communication is declining 1.3 percent. Ashok Leyland is tumbling 4.7 percent on reporting a lower-than-expected 54 percent rise in third-quarter net profit.
Indian shares ended firm near 12-week highs on Wednesday, as data showing expanding domestic manufacturing activity and upbeat auto sales numbers for January boosted investor sentiment. The benchmark 30-share Sensex ended the day up 107 points or 0.6 percent while the broader Nifty index rose by 36 points or 0.7 percent to 5,236.
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