Sensex up 45 points in early trade

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Sensex rose by 45.13 points, or 0.24 per cent, to 18,516.50, led by gains in stocks of realty. (Reuters) Sensex rose by 45.13 points, or 0.24 per cent, to 18,516.50, led by gains in stocks of realty. (Reuters)
SummarySensex rose by 45.13 points, or 0.24 per cent, to 18,516.50, led by gains in stocks of realty.

The BSE benchmark Sensex recovered by over 45 points in early trade today on fresh buying by funds and retailers after five sessions of losses due to profit-booking.

The 30-share barometer, which lost over 431 points in the past five trading days, rose by 45.13 points, or 0.24 per cent, to 18,516.50, led by gains in stocks of realty, consumer durables and power sectors.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 7.90 points, or 0.14 per cent, to 5,638.90.

Brokers said fresh round of buying by major players largely in select heavy-weight stocks amid a firming trend in Asian markets helped trading sentiments improve. Meanwhile, in Asia, Hong Kong's Hang Seng index rose 0.45 per cent, while Japan's Nikkei gained 1.88 per cent.

The US Dow Jones Industrial Average ended 0.23 per cent lower in yesterday's trade as fiscal woes continued to dent confidence.

GLOBAL MARKET NEWS

Nifty futures on the Singapore Exchange fell 0.04 percent.

The MSCI-Asia Pacific index excluding Japan was flat.

U.S. stocks were little changed on Thursday as the prospect of a drawn-out battle over impending tax and spending changes made investors wary of getting into the water.

Asian shares steadied on Friday after falling nearly 2 percent this week amid concerns about the looming U.S. fiscal cliff, while Japanese stocks rallied for a second day on expectations of further monetary policy easing after an election next month.

FACTORS TO WATCH

India's foreign reserves and bank lending data (1130 GMT)

Inter-ministerial panel meets on coal block allocations to state-run firms.

INDIAN STOCKS

TOP NEWS

The Indian government will ask Wal-Mart Stores Inc to turn over some documents as part of a probe into whether the U.S. retailer violated foreign ownership rules.

Separately, Wal-Mart also said it has opened internal inquiries or investigations into bribery allegations in Brazil, China and India - additions to its original probe in Mexico.

India is open to further reforms to lure overseas investors into its airlines, a government source said, after a dearth of interest following changes to investment rules left Kingfisher and others still short of much-needed funds.

FINANCIAL/REGULATORY

Westpac Banking Corp, Australia's third-largest lender by assets, said on Thursday it has opened its first branch in India that will offer wholesale and retail banking services including trade finance, deposits and remittances.

Brokerage Emkay Global said it has tied up with the UK's investment bank Icon

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