Sensex gains 53 points in early trade

Jan 25 2013, 09:54 IST
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Sensex rose by 0.27 per cent, to 19,977.28 with stocks of auto, IT, healthcare leading the recovery. (Reuters) Sensex rose by 0.27 per cent, to 19,977.28 with stocks of auto, IT, healthcare leading the recovery. (Reuters)
SummarySensex rose by 0.27 per cent, to 19,977.28 with stocks of auto, IT, healthcare leading the recovery.

The BSE benchmark Sensex today gained over 53 points in early trade on fresh buying by funds and retail investors amid a firm trend in Asian markets.

The 30-share barometer rose by 53.50 points, or 0.27 per cent, to 19,977.28 with stocks of auto, IT, healthcare and capital goods sectors leading the recovery.

The index had lost 102.83 points yesterday.

The wide-based National Stock Exchange index, Nifty, moved up by 8.60 points, or 0.14 per cent, to 6,027.95.

Brokers said the trading sentiment turned slightly better on selective buying by funds and retail investors, taking positive cues from Asian markets, following overnight gains in the US market on the back of an improvement of the weekly jobless claims data.

In Asia, Hong Kong's Hang Seng rose by 0.11 per cent, while the Japan's Nikkei by 2.35 per cent in early trade.

The US Dow Jones Industrial Average had ended 0.33 per cent higher in yesterday's trade.

Stocks to watch-Jan 25

(Reuters):GLOBAL MARKETS ROUND UP

Nifty futures on the Singapore Exchange rose 0.04 percent. The MSCI-Asia Pacific index, excluding Japan was down 0.56 per cent.

Falls in South Korean shares on disappointing earnings pulled broader Asian shares lower on Friday, but the region's many other bourses were up following solid global economic data.

The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years.

FACTORS TO WATCH

Maruti Suzuki India Ltd, Reliance Power Ltd earnings.

Reserve Bank of India Governor Duvvuri Subbarao will meet Finance Minister P Chidambaram, ahead of the central bank's Jan. 29 policy review.

FINANCIAL/REGULATORY

The Reserve Bank of India on Thursday urged banks to raise capital by issuing subordinated debt to retail investors as well to deepen the corporate bond market.

The final guidelines for new banking licences could take a while, contrary to expectations that the Reserve Bank of India would announce those by month-end.

ENERGY/COMMODITIES

The telecom arm of Reliance Industries Ltd may buy a stake in Reliance Infratel, a company belonging to Reliance Communications Ltd, in a complex deal, two people close to the ongoing negotiations said.

Jindal Steel and Power Ltd is set to start importing coal from its Mozambique mine, where production will begin this year, with plans to import about 500,000 tonnes of coking coal, Sushil Maroo, director and group chief financial officer.

Lenders to Suzlon Energy Ltd have approved the Indian wind turbine maker's corporate debt restructuring plan for $1.8 billion, the company said on Thursday.

RETAIL

U.S. retailer Wal-Mart Stores Inc is studying the conditions attached to India's decision to open its supermarket sector to foreign investors before finalizing a decision to invest, an Indian government statement said on Thursday.

The chairman of Tesco PLC met India's Trade Minister Anand Sharma, seeking clarifications on the country's decision to open its supermarket sector to foreign investors, the Indian government said in a statement on Thursday. TELECOMS

Reliance Communications is in talks with domestic lenders to raise 65 billion rupees, which it will have to repay over seven years, said a senior official from a public sector bank who did not want to be named.

India's Bombay High Court has asked the government to not take any coercive action against Idea Cellular Ltd until March 1 on a demand to pay surcharges on airwaves, the mobile phone operator said on Thursday.

AUTOS

Ashok Leyland Ltd said October-December net profit rose 10.82 percent to 741.4 million rupees from a year ago.

AIRLINES

The aviation ministry may want to protect Air India Ltd's business prospects if Etihad Airways buys a stake in Jet Airways Ltd and they pursue an aggressive expansion programme, two government officials said.

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