BSE Sensex recovers over 86 points, Nifty up by 34 points in early trade

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The 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56. (Reuters) The 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56. (Reuters)
SummaryThe 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56.

The BSE benchmark Sensex recovered by over 86 points in early trade today on emergence of buying by funds and retailers amid a firming Asian trend.

Snapping its four-session losing streak, the 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56.

The index had lost almost 345 points in the previous four sessions.

All sectoral indices trading in the positive zone with a gain up to 0.80 per cent.

Similarly, the wide-based National Stock Exchange index

Nifty moved up by 34.00 points, or 0.57 per cent, to 5,990.90.

Brokers said fresh buying by funds and retailers driven by a firming trend in the Asian region following overnight gains on the US markets helped trading sentiment to improve.

Meanwhile in Asia, Hong Kong's Hang Seng index rose by

048 per cent, while Japan's Nikkei up by 3.11 per cent in

the early trade. The US Dow Jones Industrial Average ended

0.71 per cent higher in yesterday's trade.

* Asian shares recovered on Wednesday as solid euro zone data calmed nerves jarred by potential political turmoil derailing the region's efforts to resolve its debt crisis, while the prospect of a dovish new governor for the Bank of Japan weakened the yen.

* The yen resumed its decline on Wednesday as investors piled back into the easy one-way trade as the market bet that a more dovish Bank of Japan governor will soon be installed to push through aggressive easing measures.

* Brent crude rose on Tuesday, hitting a 20-week high as positive economic data and strong corporate earnings reports lifted Wall Street stocks and other financial markets.

* US Treasuries prices fell on Tuesday as a rebound in Wall Street stocks and data on European business activity that indicated improvement in the region's economy cut the appetite for safe-haven government debt, pushing benchmark yields back above 2 percent.

* India Finance Minister at event. (1200GMT)

* India central bank officials in Guwahati for board meet.

OVERNIGHT NEWS

* Housing Development Finance Corporation (HDFC), India's biggest housing finance company, will reduce its prime lending rate by 10 basis points starting Feb. 6, it said on Tuesday.

MAJOR DEALS/ACQUISITIONS

* The Indian government expects to raise around 120 billion rupees ($2.25 billion) by selling a 9.5 percent stake in state power utility NTPC Ltd in a share auction on Feb. 7, Disinvestment Secretary Ravi Mathur said.

* GlaxoSmithKline Plc has lifted its stake in its publicly-listed Indian consumer healthcare subsidiary to 72.5 percent from 43.2 percent, deepening its footprint in emerging markets and non-prescription products.

LIQUIDITY

* The RBI said on Tuesday it accepted all 31 bids for 583.20 trillion rupees at its one-day repo auction, through which it injects cash into the banking system. It said it did not receive any bids at its reverse repo auction, through which it absorbs cash from the system.

* Indian banks' refinancing with RBI rises to 180.61 billion rupees.

* Indian banks' cash balances with RBI rise to 3.20 trillion rupees.

* Nifty futures on the Singapore Exchange rose 0.2 percent. The MSCI-Asia Pacific index, excluding Japan rose 0.3 percent.

* Asian shares recovered on Wednesday as solid euro zone data calmed nerves jarred by potential political turmoil, while the prospect of a dovish new governor for the Bank of Japan weakened the yen.

* US stocks climbed on Tuesday, recovering a day after the market's biggest sell-off since November, as stronger-than-expected earnings brightened the profit picture.

FACTORS TO WATCH

* Earnings: Cipla Ltd, Tech Mahindra Ltd

* Day 1 of RBI's central board meeting in the eastern city of Guwahati.

* India money supply data (0930GMT)

INDIAN STOCKS TO WATCH

FINANCIAL/REGULATORY

* The Indian tax authorities have sent sternly-worded letters asking several companies that paid lower service tax or excise duty than last year to explain the decline, The Economic Times reported citing a review of the letters.

* Kotak Mahindra Bank Ltd said on Tuesday it acquired the business loans portfolio of the Indian arm of Barclays Plc.

* Housing Development Finance Corporation (HDFC), India's biggest housing finance company, will reduce its prime lending rate by 10 basis points starting Feb. 6, it said on Tuesday.

* United Bank of India's October-December net profit fell 81.3 percent to 422 million rupees from a year ago.

ENERGY/COMMODITIES

* The Indian government expects to raise around 120 billion rupees ($2.25 billion) by selling a 9.5 percent stake in state power utility NTPC Ltd in a share auction on Thursday, Disinvestment Secretary Ravi Mathur said.

* The food ministry has decided to seek Cabinet approval to lift controls on sugar, a senior food ministry official said.

* In a move that will increase electricity tariffs by up to 13 paise a unit, the cabinet committee on economic affairs (CCEA) on Tuesday approved the pooling of imported and domestic coal prices.

* State electricity distribution companies have decided to sign long term power supply contracts in the next six months ending a two-year long dry spell for power generators, an official statement said.

Dainik Bhaskar Group's power generation arm, Diligent Power, is in talks with leading private equity players to raise around 8 billion rupees to fund its thermal power projects, said three persons with direct knowledge of the development. AUTOS

* Tata Motors Ltd is working on a new premium small car that will compete with models of rivals Maruti Suzuki India Ltd and Ford Motor Co, several people with knowledge of the development said.

RETAIL / TRAVEL

* Hennes & Mauritz (H&M) has asked leading mall developers to block space for its initial stores in India, as the world's second largest fashion retailer hopes to open a local office in the next three months, said people directly familiar with the matter.

* Thomas Cook (India) Ltd on Tuesday said it will buy a 74 percent stake in unlisted Bangalore-based human resources company Ikya Human Capital Solutions Pvt. Ltd for 2.56 billion rupees.

SPIRITS

* United Breweries Holdings Ltd's October-December net profit surged more than twelve-fold to 389.2 million rupees from 30.7 million rupees a year ago.

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