Sensex extends gains, surges by 142 points ahead of GDP data

Nov 30 2012, 10:01 IST
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The 30-share barometer had gained over 665 points in the three previous session. (Reuters) The 30-share barometer had gained over 665 points in the three previous session. (Reuters)
SummaryThe 30-share barometer had gained over 665 points in the three previous session.

The BSE benchmark Sensex rose for the fourth straight day by surging nearly 142 points in early trade today on sustained buying by funds ahead of second quarter GDP data amid a firm trend in Asian regions.

The 30-share barometer, which had gained over 665 points in the three previous session, surged further by 141.86 points, or 0.74 per cent, to 19.312.77, with all sectoral indices led by banking and realty sectors stocks trading in positive zone with a gain up 0.91 per cent.

Similarly, the wide-based National Stock Exchange index Nifty traded higher by 35.75 points, or 0.61 per cent, to 5860.75.

Brokers said sustained buying by funds and retail investors amid a firm trend in the Asian region following overnight gains at the US market, mainly influenced the trading sentiment.

They said Goldman Sach upgrading equities also boosted the sentiment.

Meanwhile, in the Asian region, Hong Kong's Hang Seng rose by 0.17 per cent, while the Japan's Nikkei by 0.88 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.28 per cent higher in yesterday's trade.

GLOBAL MARKETS ROUNDUP

* Nifty futures on the Singapore Exchange rises 0.45 percent. The MSCI-Asia Pacific index excluding Japan is up 0.65 percent.

* U.S. stocks finished higher on Thursday as investors bought on sporadic dips in a market roiled by conflicting comments from Washington about negotiations on an agreement to avoid the "fiscal cliff."

* Asian shares edged up on Friday on expectations a deal will eventually be reached to avoid a U.S. fiscal crisis, but investors wary about taking big positions before the year-end were likely to take profits on the rises and buy on dips.

FACTORS TO WATCH

* India to release Sept quarter GDP data at 0530GMT.

* Bharti Infratel IPO presser at 0415GMT.

* India will release infrastructure output data for October at 0630 GMT.

* India to release federal budget deficit data for April-Oct at 1030 GMT.

* RBI to release forex reserves, bank lending data at 1130GMT.

* CEC is likely to submit report on illegal mining in Goa at Supreme Court with its recommendations.

* FMC chief Ramesh Abhishek at India Commodity Exchange press conference.

INDIAN STOCKS TO WATCH

MACRO/POLICY

* India and Brazil accused rich nations on Thursday of doing too little to fight climate change at U.N. talks in Doha and denied that emerging economies were back-sliding from pledges to step up action from 2020.

* India's central bank will buy 120 billion rupees ($2.2 billion) of federal government bonds on Dec. 4 through open market operations (OMO), it said in a release on Thursday.

FINANCE

* The Central Vigilance Commission is examining a reference received from Punjab National bank involving 24 of its officials in an alleged fraud involving over 25 billion rupees.

TELECOM

* Bharti Infratel Ltd, the telecommunications tower unit of top Indian phone carrier Bharti Airtel, is likely to raise up to $825 million in what would be the country's biggest IPO in two years, sources with direct knowledge said. (Reuters)

* The telecom department (DoT) plans to simultaneously sell unsold spectrum from the recently concluded auctions along with a portion of airwaves held by existing operators such as Bharti Airtel, Idea Cellular and Vodafone in the 900

MHz frequency before March 31, 2013, as the government scrambles to meet its target of raising 400 billion rupees from the sale of airwaves in the current fiscal, said a ministry official.

AVIATION

* India's civil aviation ministry will try to convince the country's petroleum ministry next week to declare jet fuel as a "notified good," which would lead to exemption from high state taxes, providing some relief to battered local carriers.

PHARMA

* German drugmaker Bayer has filed a lawsuit in the United States against Indian generic drug maker Lupin , to prevent it from selling a version of Bayer's birth-control pill Natazia in the US.

* Glenmark Pharmaceuticals said it is aiming for up to 30 percent growth in revenues this fiscal to touch 50 billion rupees, with US and Latin America expected to be primary drivers.

MEDIA/ENTERTAINMENT

* Indian group PVR is to buy control of rival Cinemax India for 3.95 billion rupees ($71 million) to create the country's biggest operator of multi-screen movie

theatres.

AUTO

* British sports car maker Aston Martin said it is in "advanced" talks with potential investors over an injection of capital into the business. Indian tractor maker Mahindra and Mahindra last week topped an offer from Italian private equity fund Investindustrial that had been agreed with Aston's owner, Kuwaiti investment house Investment Dar, sources said. (Reuters)

* US car major Ford today said it will make India its export hub with plans to sell its products in more than 50 countries over a period of time.

* Hero MotoCorp, the world's largest two-wheeler manufacturer, reported record retail sales in the festive season this year. HMCL has already retailed over 1.1 million two-wheelers in the festive months of October and November.

* The country's leading automobile company Tata Motors will halt production at its block in Jamshedpur for three days from Thursday, following poor demand.

* Elgi Equipments Ltd, a manufacturer of air compressors and automobile service station equipment, has acquired 100 percent stake in Patton's Inc. The company did not disclose the value of the deal.

RESOURCES

* The Indian government's share sell down in state-run miner NMDC Ltd to raise roughly $1.2 billion is likely to be launched on Dec. 13, three sources with direct knowledge of the situation said on Thursday.

* The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional 30 billion rupees in 2012-13.

* Amidst government directive to PSUs to invest their surplus funds, Coal India Ltd, which is sitting on huge cash-pile, has lined up 500 billion rupees investment plans for the next five years.

* Lanco Infratech's Australian subsidiary Griffin Coal, which supplies coal to Bluewaters Power Station, is likely to gain 150 million Australian dollars (8.7 billion rupees), on revision of fuel prices after the power producing firm is sold

to a Japanese consortium.

POWER/INFRA

* Faced with a double whammy of depleting order inflows and profits, Siemens India plans to cut capital expenditure.

* The defence ministry has initiated a vigilance inquiry into Mumbai-based Mazagon Dock Ltd's move to set up joint ventures with private sector players in the face of allegations that these might be in violation of government guidelines,

ministry sources said.

OTHER FACTORS TO WATCH

* Indian debt/FX factors to watch

* Euro holds below 1-mth high

* Oil up on U.S.budget optimism

* Foreign institutional investor flows

* For closing rates of Indian ADRs

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