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Sensex up 116 points in early trade

Nov 20 2012, 09:36 IST
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Sensex added 116.29 points, or 0.63 per cent to 18,455.29 in the morning trade.  (Reuters) Sensex added 116.29 points, or 0.63 per cent to 18,455.29 in the morning trade. (Reuters)
SummarySensex added 116.29 points, or 0.63 per cent to 18,455.29 in the morning trade.

The BSE benchmark index Sensex up by over 116 points in the opening trade today, extending yesterday's gains on sustained buying by funds and retailers, tracking a firming trend in the Asian region.

The 30-share barometer which had gained 29.63 in the previous session, added 116.29 points, or 0.63 per cent to 18,455.29.

All the sectoral indices led by realty and auto were trading in the positive territory with gains up to 1.10 per cent.

The wide-based National Stock Exchange index Nifty moved up by 32.60 points, or 0.59 per cent, to 5,604.00.

Brokers said buying by funds and retail investors in line with a firming trend in the Asian region following overnight rally on the US markets on hopes that lawmakers would find a way to avert a fiscal crisis, besides upbeat housing data, influenced the trading sentiments here.

In the Asian region, Hong Kong's Hang Seng rose by 1.02 per cent, while the Japan's Nikkei by 0.49 per cent in early trade today. The US Dow Jones Industrial Average ended 1.65 per cent higher yesterday.

GLOBAL MARKET NEWS

Nifty futures on the Singapore Exchange rose 0.2 percent. The MSCI-Asia Pacific index excluding Japan was up 0.6 percent.

U.S. stocks bounced higher for a second consecutive session on Monday as investors were encouraged by the early atmosphere surrounding talks to tackle the nation's fiscal crunch.

Asian shares rose on Tuesday on hopes of a compromise in the U.S. fiscal crisis, while the euro fell after Moody's Investors Service scrapped France's top-notch credit rating, reminding investors of the protracted euro zone debt crisis.

FACTORS TO WATCH

Finance Minister P. Chidambaram will be in Bangalore for a meeting with the chief ministers of South Zone states.

The Reserve Bank of India Governor Duvvuri Subbarao will give an address on 'G 20 and India' in Mumbai (Event starts at 1230 GMT)

INDIAN STOCKS TO WATCH

ENERGY/COMMODITIES

Tata Steel will continue to pursue a cost-cutting target of 12 billion rupees set for 2012-13 for its domestic operations, said Tata Steel managing director HM Nerurkar. The Home Ministry has allowed Essar Ports and Adani Ports and Special Economic Zone to bid for the mega container terminal project in Chennai.

The Reserve Bank of India directed banks not to give loans for purchase of gold in any form, including primary gold, bullion and jewellery, to dissuade people from indulging in speculative activity.

Monnet Ispat and Energy Ltd is targeting to buy a majority stake at a coal mine in Colombia, said N.C. Jha, CEO of the Mining Business division.

FINANCIAL/REGULATORY

Insurance sector regulator IRDA is objecting to the finance ministry's plan to allow Life Insurance Corporation (LIC) to own up to 25 percent of a listed company.

Officials of the Foreign Investment Board will meet Tuesday to discuss the potential implications in India from a recent report by the U.S. Congress Panel that said Huawei Technologies and ZTE Corp posed a security threat.

RETAIL

Dairy giants Danone is among potential acquirers of a controlling stake in Tirumala Milk Products after promoters and private equity investor Carlyle Group started work on a share sale plan, said sources directly familiar with the process.

AUTOS

Honda Motor Co on Monday announced the recall of 11,500 units of standard variant of its premium motorcycle CBR 250R, which were produced and sold in India, due to a defective brake system.

AIRLINES

Air India Ltd is undertaking a series of steps to rid itself of debt while hoping to post an operating profit by the end of fiscal 2013 and a net profit by 2020, according to two senior airline executives. IT

Polaris Financial Technology is planning to allocate $100 million to acquire two to three product firms in four years, as part of its new plans to double its revenue, said Arun Jain, chairman of Polaris.

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