Sensex gains 48 pts on selective buying

Sensex lost over 375 points in past two sessions,rose by 48.32 points to 17,270.46

Written by Agencies | Mumbai | Published: April 10, 2012 9:44 am

The BSE benchmark Sensex recovered by over 48 points in early trade today,after two sessions of losses,on selective buying by funds and retailers at prevailing levels.

The 30-share barometer,which has lost over 375 points in the past two sessions,rose by 48.32 points,or 0.17 per cent,to 17,270.46,with IT,consumer durables and capital goods sector leading the recovery.

The wide-based National Stock Exchange index Nifty also moved up by 15.10 points,or 0.29 per cent,to 5,249.50. Brokers said emergence of buying by funds and retail investors at index-related stocks helped Sensex to trade in the positive zone.

Meanwhile,in Asian region,Japan’s Nikkei rose by 0.39 per cent,while Hong Kong’s Hang Seng index was being quoted 0.73 per cent lower in early trade today.

PRE OPEN: Indian stocks to watch-April 10

GLOBAL STOCK MARKETS ROUNDUP

* Asian shares eased on Tuesday as investors cautiously awaited Chinese trade data to gauge whether the world’s second largest economy could achieve a soft landing. China recorded a $5.35 billion trade surplus in March as import growth eased back from a 13-month peak while exports grew faster than expected,customs data showed on Tuesday.

* The Dow and the S&P 500 extended losses to a fourth day on Monday,as investors took their cues from last week’s disappointing jobs report,which raised fresh concerns about the U.S. economy’s recovery.

KEY EVENTS TO WATCH

* Bharti Airtel,India’s top mobile telecom provider,holds a press conference in Kolkata to announce the launch of their 4G network. (0800 GMT)

* India’s automotive industry body SIAM releases its sales figures for March 2012 and the fiscal year 2011-12,with sales likely to show minimal growth over the past 12 months and a huge fall from the 30 percent growth seen in the previous year,as high interest rates and rising fuel costs bite. (0730 GMT)

INDIAN STOCKS TO WATCH

* Tata Steel said on Monday sales from its Indian operations rose 3.3 percent to 1.77 million tonnes in the January to March quarter.

* IGate Corp said it accepted minority shareholders’ offer of 520 rupees per share ($10.18) to delist its Indian unit Patni Computer Systems .

* Indian conglomerate Sahara India Pariwar Ltd made an unsolicited $600 million offer to acquire the landmark Plaza Hotel in New York,the Wall Street Journal reported,citing people familiar with the matter.

* India will not allow additional cotton exports for the current year ending in September as of now,Trade Minister Anand Sharma said on Monday.

OTHER FACTORS TO WATCH

* Indian rupee seen steady; China data; RBI watched

* Indian bond yields seen flat after Monday’s falls

* Euro steady vs USD,caution ahead of China,BoJ

* Brent steady above $122 ahead of China data

* Foreign institutional investor flows

* For closing rates of Indian ADRs

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