Sensex up 65 points in early trade

Sensex rose by 65.66 points,or 0.35 per cent,to 18,779.21 in the opening trade.

Written by Agencies | Mumbai | Published: October 16, 2012 9:23 am

The BSE benchmark Sensex today rose further over 65 points in early trade on sustained buying by funds and retailers amid a firm trend in Asian regions.

The 30-share barometer,which had gained 38.37 points in the previous session,rose further by 65.66 points,or 0.35 per cent,to 18,779.21,led by oil and gas,realty and power sectors stocks.

Similarly,the wide-based National Stock Exchange index Nifty moved up by 17.50 points,or 0.31 per cent,to 5,704.75.

Brokers said sustained buying by funds and retail investors amid a firm trend in the Asian region following overnight gains at the US market,mainly influenced the trading sentiment here.

Meanwhile,in the Asian region,Hong Kong’s Hang Seng rose by 0.03 per cent,while the Japan’s Nikkei by 0.94 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.72 per cent higher in yesterday’s trade.

GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange rose 0.3 per cent. The MSCI-Asia Pacific index excluding Japan was up 0.5 percent.

U.S. stocks climbed on Monday,rebounding from last week’s losses after Citigroup’s earnings and retail sales sharply exceeded expectations.

Asian shares rose on Tuesday after rallies in U.S. stocks and positive U.S. data cheered investor mood,with hopes for some progress in the euro zone debt crisis also helping to underpin sentiment.

FACTORS TO WATCH

Australian PM Julia Gillard visits India,with talks on a potential uranium supply deal in focus.

Maruti Suzuki launches new Alto 800

Tata Motors’ new MD Karl Slym news briefing

Earnings on Tuesday: MindTree,Essar Ports

INDIAN STOCKS TO WATCH

TOP NEWS

Reliance Industries Ltd posted its fourth consecutive drop in quarterly profit but met market estimates,as refining margins rebounded and treasury gains from its huge cash pile bolstered profits.

ICICI Bank has submitted a formal proposal to the Reserve Bank of India to acquire Karnataka Bank,according to sources close to the development.

Axis Bank’s July-Sept net profit rose 22.2 percent to 11.24 billion rupees from a year ago.

ENERGY/COMMODITIES

Oil and Natural Gas Corp plans to approach Marathon Oil about buying half of its 20 percent stake in the Athabasca Oil Sands Project in Canada,two sources with knowledge of the matter said on Monday.

BP Plc is exploring options for importing liquefied natural gas into India through its joint venture with Reliance Industries,a senior company official said.

The government is not in favour of hiking diesel price in the immediate future even as the current retail rate is nearly 12 rupees per litre lower than its actual cost,Petroleum Minister S Jaipal Reddy told reporters.

India,which is likely to produce a sugar surplus for its third year in a row,has decided to allow exports for another year,Food Minster K.V. Thomas said,reflecting confidence about domestic supplies in the world’s top consumer of the sweetener.

India’s imports of thermal coal this year are set to rise to 100 million tonnes from around 90 million in 2011,despite a sluggish revival of post-monsoon spot buying and a slowing economy,suppliers and end-users said.

INFRASTRUCTURE

The government has decided to withdraw permission to Adani Ports & Special Economic Zone’s 1,840 hectare SEZ in the state of Gujarat for not conforming with stated norms on at least three counts.

AUTOS

Jaguar Land Rover sales fell 4 percent in September to 26,461 vehicles from a year ago,the first monthly fall since July 2011 and a blow for Indian parent Tata Motors .

The Indian unit of Ford,which launched a variant of its popular small car Figo,said it expects car demand to get a boost during the forthcoming festive season,Ford India President and Managing Director Michael Boneham told reporters here.

AIRLINES

Jet fuel prices were cut by 3 percent on back of rising rupee,the second reduction in rates this month that will ease burden on cash-strapped airlines.

Mumbai airport wants to penalise airlines that do not use approved slots and cancel flights for commercial reasons. The proposal is under Airport Economic Regulatory Authority’s (AERA’s) consideration.

RETAIL

Verlinvest SA,an investment company of Belgium-based founding families of the world’s largest brewer Anheuser-Busch InBev,has picked up around 10 percent stake in Future Ventures India for around 1.1-1.3 billion rupees.

The Indian unit of Sony Corp plans to invest more than 5.5 billion rupees ($103.72 million) on marketing in India this fiscal year and increase it every year in a bid to triple sales by 2015, Kenichiro Hibi,managing director of Sony India said.

Swiss premium watch maker Longines said it may consider opening company-owned single brand retail outlets in India following relaxation in FDI norms,Longines Vice President and Head of International Sales Charles Villoz told reporters.

U.S. accessories manufacturer Fossil Inc is the third overseas retailer to apply to India’s government to enter the market through a 100 percent owned operation,a local television station said on Monday citing unnamed sources.

HEALTH CARE

Diversified Japanese conglomerate Mitsui is in talks to invest 2.5 billion rupees in Ahmedabad-based Claris Lifesciences,people familiar with the development said.

IT

Alcatel Lucent said its commitment to India remains unchanged in a statement. Commenting on reports that said the company is planning to cut 1,000 jobs in India as part of ‘The Performance Programme’,the company said it has made no announcements yet on where headcount reductions would occur around the world as part of the programme

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