Sensex up 32 points in early trade

Nov 23 2012, 10:07 IST
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Sensex was down 0.10% at 18,498.72 and the 50-share NSE index 0.12% lower at 5,621.  (Reuters) Sensex was down 0.10% at 18,498.72 and the 50-share NSE index 0.12% lower at 5,621. (Reuters)
SummarySensex gained over 32 points in early trade on sustained buying by funds and retailers.

Rising for the third day in a row, the BSE benchmark Sensex gained over 32 points in early trade today on sustained buying by funds and retailers on hopes of economic reforms amid a firming trend in Asian region.

The 30-share barometer, which had gained over 188 points in the previous two sessions, added 32.17 points, or 0.17 per cent, to 18,549.51 with stocks of power, capital goods, metal and oil and gas sectors extending support.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 6.80 points, or 0.12 per cent, to 5,634.55.

Brokers said trading sentiment remained firm on continued buying by funds and retail investors largely on hopes that the government will take more reform measures amid a firming trend in the Asian region in line with overnight gains on the European markets.

Stocks of Hindustan Copper, which had rallied by 11.33 per cent in yesterday's trade after the government announced plans to divest 4 per cent equity in the company, came under selling pressure and plunged over 16 per cent to Rs 223.55.

In the Asian region, Hong Kong's Hang Seng rose by 0.40 per cent, while Japanese markets closed for a public holiday. The US markets remained closed yesterday for 'Thanksgiving'.

GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange gained 0.18 percent. The MSCI-Asia Pacific index excluding Japan is up 0.41 percent.

U.S. markets were closed for the Thanksgiving holiday.

Asian shares ambled higher on Friday and were on course for a weekly gain of more than 2 percent, their best in two months, after manufacturing surveys from China and the United States raised hopes that the global growth outlook is improving at last.

FACTORS TO WATCH

Indian government to sell 4 pct stake in Hindustan Copper

SEBI Chairman U.K. Sinha addresses Asia Securities conference

INDIAN STOCKS TO WATCH

FINANCIAL/REGULATORY

The government is set to broaden the ambit of external commercial borrowings (ECB) by including sectors incorporated in the new definition of infrastructure, Business Standard reported citing unnamed sources.

Indian companies having foreign stakes will now face a much closer scrutiny of their management and decision-making structures as the government decides to tighten the rules to determine who controls them, a government official said.

ENERGY/COMMODITIES

India's cabinet approved on Thursday a 9.5 percent government stake sale in state-run power producer NTPC Ltd , a minister told reporters, to help rein in its ballooning fiscal deficit.

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