Indian shares are trading modestly higher on Wednesday, mirroring firm Asian cues on expectations that global central banks may resort to bond buying to support their economies.
Trading off its day's high, the benchmark Sensex is currently up 26 points or 0.15 percent at 17,628, while the broader Nifty index is at 5,345, up 9 points or 0.16 percent from its previous close. Second-line stocks are outperforming and the market breadth remains positive, with gaining shares outpacing declining ones in the ratio of about 2:1 on the BSE.
Reliance Industries is gaining 0.8 percent after the company and its British partner BP Plc. won conditional approval for over $1 billion capital expenditure on the D6 block in the eastern offshore KG basin.
Coal India is moving up 1.2 percent after its board approved a proposal that would make the company pay a hefty penalty of up to 40 percent if it fails to meet supply commitments to power firms. NMDC, NTPC and SAIL are up 1-2 percent on divestment-related reports.
Dr Reddy's Laboratories is up 0.3 percent after getting regulatory approval to launch an asthma drug in the U.S. market.
Bharti Airtel is tumbling 4 percent as the telecom major reported a higher-than-expected 37 percent fall in first-quarter net profit. Rival Idea Cellular is declining 0.9 percent, while Reliance Communication is adding a percent.
In a new development concerning the upcoming 2G spectrum auction, the government plans to approach the Supreme Court seeking extension of the deadline for the auction of spectrum auction till November, reports say.
Mahindra & Mahindra is rising 1.3 percent, while Tata Power is subdued ahead of their quarterly results today. Jet Airways is marginally lower on reports that it may hive off its loyalty program Jet Airways into a wholly-owned subsidiary. Tata Chemicals is losing 1.8 percent on going ex-dividend.
Carborundum Universal is down about half a percent and Punj Lloyd is losing 2.8 percent on disappointing earnings results. Sobha Developers is edging down 0.3 percent despite reporting a 73 percent jump in Q1 net profit on a consolidated basis.
Benchmark indexes Sensex and the Nifty rose about a percent each on Tuesday, extending gains for a second straight session, as positive global cues and finance minister Chidambaram's promise for fiscal reforms resulted in improved risk appetite.
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