Sensex opens 112 points up

Sensex shed 4.48 pts in previous choppy session,recovered by 112.03 points to 16,329.85.

Written by Agencies | Mumbai | Published:May 28, 2012 9:59 am

The BSE benchmark Sensex rose by over 112 points in early trade today on fresh round of buying by funds and retail investors,supported by further recovery in the rupee and a firming trend in Asian markets.

The 30-share barometer,which shed 4.48 points in the previous choppy session,recovered by 112.03 points,or 0.69 per cent,to 16,329.85.

All sectoral indices,led by auto and banking,were trading in the positive zone with gains of up to 0.81 per cent.

The wide-based National Stock Exchange index Nifty moved up by 34.20 points,or 0.69 per cent,to 4,954.60.

Brokers said fresh buying by funds and retail investors,following recovery in the rupee for the third straight day against the American currency and a firming trend on Asian bourses boosted the trading sentiment here.

The rupee was trading 32 paise higher at Rs 55.05 against the US dollar in early trade.

In the Asian region,Hong Kong’s Hang Seng Index rose by 0.24 per cent and Japan’s Nikkei Index up by 0.02 per cent in morning trade.

Preopen: Sensex to watch

GLOBAL MARKETS

* The near-month derivative contract for India’s NSE index at Singapore Exchange fell 0.2 percent,while MSCI Asia ex-Japan edged up 0.5 percent.

* Asian shares and the euro edged up from lows on Monday as surveys showing a lead in opinion polls for Greece’s pro-bailout camps helped ease risk aversion and calmed fears of a disorderly exit from the euro bloc.

* US stocks ended their first positive week in four with a down day on Friday as investors were reluctant to buy going into a long weekend,with uncertainty still swirling around Europe.

FACTORS TO WATCH

* State-run Indian Oil Corp expected to post higher profits for the March quarter due to lower share of fuel subsidies but outlook remains uncertain due to lack of clarity on the subsidy policy,among other factors. (1130 GMT)

* State-run Coal India expected to report higher profit in the January-March quarter as it benefits from price increases implemented in March last year. (1200 GMT)

* Finance Minister Pranab Mukherjee speaks at a Bank of India event on Monday evening. (1230 GMT)

* Other Jan-March Earnings: Bharat Forge, Britannia Industries,Indian Hotels Company,Motherson Sumi Systems,Neyveli Lignite Corporation ,NMDC,Oil India,Engineers India .

INDIAN STOCKS TO WATCH

EARNINGS

Reliance Communications,India’s second-biggest mobile phone carrier by subscribers,reported its fiscal fourth-quarter profit nearly doubled on sharply lower costs,in what is its first profit rise in 11 quarters.

* NHPC’s Jan-March net profit rose 26 percent to 8.02 billion rupees from a year earlier.

* Redington’s Jan-March net profit rose 33.94 percent to 1.02 billion rupees from a year earlier. (Reuters)

* Sun TV’s Jan-March net fell 23.56 percent to 1.59 billion rupees from a year ago.

FINANCIAL/REGULATORY

* India’s capital market regulator said it would not settle serious cases,such as insider trading and unfair trade practices,through the use of consent orders – a mechanism that avoids lengthy legal proceedings.

TELECOMS

* India’s Telecom Commission will ask the sector regulator to analyse the potential impact of a proposed airwaves auction base price that is seen as too high and has drawn protests from carriers.

* Bharti Airtel said on Sunday it would roll out 3G services in Rwanda in the next quarter and reiterated plans to invest $100 million in the central African country.

ENERGY/COMMODITIES

* India’s coalition government opened the way for a partial rollback of the steepest petrol hike in the country’s history after two days of street protests and dissent from within its own ranks over the unpopular measure.

* India’s Jindal Steel & Power has agreed to buy a 9 percent stake in Gujarat NRE Coking Coal for A$25 million ($24 million) and agreed to buy 5 million tonnes of coal over 10 years from the company’s Australian mines.

* Suzlon Energy plans to raise $100 million to $200 million by selling some non-critical assets this fiscal year to pare its $2 billion debt,a senior official said,after the wind turbine maker posted loss for the third year in a row.

IT

* The Central Board of Direct Taxes,an arm of the finance ministry,has asked tax offices in cities where software firms are based to share their views and details on tax notices served on these companies.

OTHER FACTORS TO WATCH

* Indian debt/FX factors to watch

* Euro off two-year lows on Greek polls

* Brent crude rises above $107; Greece,Iran eyed

* Foreign institutional investor flows

* For closing rates of Indian ADRs

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results