Sensex gains over 65 points in early trade

Feb 25 2013, 09:49 IST
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The 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89.  (Reuters) The 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89. (Reuters)
SummaryThe 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89.

The BSE benchmark Sensex gained over 65 points in early trade today on buying by funds and retailers amid a firm Asian trend.

The 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89. The index had lost 325.74 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty edged up by 7 points, or 0.12 per cent, to 5,850.30.

Brokers said selective buying by funds and retailers at lover levels in IT, power, teck, realty, consumer durable and metal sectors mainly led the market in a better form.

They said a firming trend in Asian region further influenced the sentiment.

Among Asian markets, Hong Kong's Hang Seng rose by 0.14 per cent, while Japan's Nikkei higher by 1.75 per cent in early trade today.

Global markets round up

(Reuters): Nifty futures on the Singapore Exchange rose 0.15 percent. The MSCI-Asia Pacific index, excluding Japan rose 0.06 percent.

Asian shares edged higher on Monday but prices were capped by uncertainties over the global economy after a private survey showed Chinese manufacturing activity retreated from two-year highs this month.

U.S. stocks rose on Friday as Dow component Hewlett-Packard surged on strong results and comments from Fed officials allayed fears that the central bank would curtail its stimulus measures.

FINANCIAL/REGULATORY

Indian companies from any business sector will be allowed to seek entry to the country's the banking industry as the government looks to bring banking services to the large proportion of the population without bank accounts.

Starting three years ago with a business remodelling plan, India's Ratnakar Bank has ventured where few deposit-taking lenders have gone before.

The Securities and Exchange Board of India will carry out a comprehensive review of rules seeking to punish insider trading in order to align them with global practices, said two people familiar with the proposal.

The Finance Minister has restricted total plan spending in 2012-13 to 4.28 trillion rupees, down by 930 billion rupees from the budgeted expense.

India may soon have as many as 14 domestic hedge funds managing some $1 billion in funds since the capital market regulator last year allowed the setting up of such high-risk, high-returns investment vehicles.

Royal Bank of Scotland is to lay off staff in India as a part of its plan to wind down its retail and commercial operations in the country, it said in a statement, without specifying how many employees would

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