BSE Sensex gains 43 points as realty,auto shares jump

The index had lost over 590 points in the last three sessions.

Written by PTI | Mumbai | Published:April 8, 2013 9:33 am

The BSE benchmark Sensex recovered over 43 points in early trade today on emergence of selective buying by funds at existing lower levels amid a mixed Asian trend.

Snapping its three-day long losing streak,the 30-share barometer gained by 43.49 points,or 0.24 per cent,to 18,493.72 with realty and auto sector stocks leading the

recovery. The index had lost over 590 points in the last three sessions.

Similarly,the wide-based National Stock Exchange index Nifty moved up by 11.45 points,or 0.21 per cent,to 5,564.70.

Brokers said emergence of buying by funds at existing lower levels and covering up of short positions amid a mixed trend in the Asian region mainly influenced the trading sentiments.

Meanwhile,in Asia,Japan’s Nikkei spurted by 2.01 per cent,while Hong Kong’s Hang Seng index fell 0.41 per cent in early trade. The US Dow Jones Industrial Average ended 0.28 per cent lower in previous session on Friday due to worse-than-expected jobs report.

Indian stocks to watch-April 8

(Reuters): GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange fell 0.42 percent,while the MSCI-Asia Pacific index excluding Japan was down 0.37 percent.

The yen tumbled broadly and Japanese stocks soared on Monday,reflecting high expectations for the Bank of Japan’s ambitious stimulus drive,but U.S. weak jobs data weighed on other assets.

U.S. stocks ended their worst week this year with losses on Friday after a weaker-than-expected jobs report undermined confidence in the economy and first-quarter earnings growth.

FACTORS TO WATCH

Indian Finance Minister P. Chidambaram meets bankers in Mumbai and investors in Chennai.

The Supreme Court is expected to hear a petition by billionaire Sunil Mittal,chairman of the country’s top mobile phone operator Bharti Airtel Ltd,seeking to overturn a lower court order that asked him to appear before the court in a spectrum allocation corruption case

TVS Motor Co Ltd,India’s fourth-biggest motorcycle company by sales holds a press conference in Chennai on Monday,where it is expected to announce a long awaited technology sharing agreement with the motorcycle division of Germany’s BMW. India central bank governor to meet economists,economic editors for a pre-policy consultation. (0630 GMT)

BHEL (Bharat Heavy Electricals Ltd),India’s top power equipment maker,will post its provisional fourth quarter results. (0745 GMT)

DoT may invoke guarantees given by Airtel,writes to banks.

India’s Idea Cellular and unit served $710 mln tax demand-media.

Reliance communications to sell arm to Batelco for 60 bn rupees; more deals in the offing.

Iridium to re-enter India with domestic partners; may partner BSNL,MTNL.

Indian bank loans up 14.1 pct y/y in two weeks to March 22 – cbank.

KKR to shell out $650 million to buy 90 pct stake in Alliance Tire.

Bilcare tech plans to sell up to 20 pct stake-sources.

Chennai Petroleum’s 33.5 bn rupees expansion plan gets green nod.

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