Indian shares rose on Monday, tracking firm Asian cues after G8 leaders said they wanted Greece in the eurozone and Chinese Premier Wen Jiabao vowed proactive policies to prevent a rapid economic slowdown.
The benchmark 30-share Sensex is currently up 82 points or 0.51 percent at 16,153 and the broader Nifty index is gaining 28 points or 0.57 percent. Realty, banking, capital goods, power and consumer durable goods stocks are among the prominent gainers, while IT stocks are subdued. The rupee is trading flat against the dollar after G8 leaders sought a "strong and cohesive" eurozone.
SBI is up 3.2 percent, extending Friday's 5 percent rally following strong earnings in Q4. Reliance Capital is climbing 6.2 percent as the Anil Ambani group firm posted a a consolidated net profit of Rs 329.32 crore in the fourth quarter versus a Rs.6.46-crore net loss in the corresponding period of the previous fiscal.
Reliance Industries is moving up 0.6 percent on a ET report that it plans to roll out its 4G network in partnership with Himachal Futuristic Communications. Coal India is gaining 0.8 percent after announcing fourth-quarter results.
Adani Enterprises, Gitanjali Gems, Pfizer and Tata Communication are up 1-2 percent ahead of their earnings announcements today. Tata Steel is losing 2.4 percent after the steelmaker reported a bigger-than-expected 90 percent drop in quarterly consolidated net profit.
Dr Reddys Laboratories is edging up 0.2 percent after the pharma major launched Lansoprazole delayed-release capsules in the U.S. market. HDFC is adding 1.6 percent after its board approved an enabling resolution that increases the limit of foreign institutional shareholding in the company to 100 percent. Suzlon Energy is moving up 1.7 percent on fund raising reports.
Steelcast is climbing 4.4 percent as it proposed to consider a stock split. Nagarjuna Agrichem is up 1.1 percent on receiving board approval for a ten-for-one stock split.
Alok Industries is rallying 5.2 percent after its board approved a preferential allotment of shares and warrants to the promoter group. TV Today Network is up a whopping 11 percent after Aditya Birla Group agreed to buy a 27.5 percent stake in Living Media India, the holding company which owns 57.46 percent of the TV Today.
Mannapuram is up 6.8 percent and Muthoot Finance is gaining a percent after the RBI set a 6-month deadline for banks to cut their exposure to non-banking financial companies, which give loan against gold, to 7.5 percent of their capital funds from the existing 10 percent.
Indian shares fell for the fourth week in a row last week, with benchmark indexes Sensex and the Nifty falling less than a percent each, as nervousness about Spain's banks and fears of a Greek exit from the euro zone kept investors on the edge.
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