Sensex up 80 points on selective buying

Sensex had gained 345.59 points in last session,rose further by 80.05 points to 17,484.25.

Written by Agencies | Mumbai | Published:April 2, 2012 10:06 am

The BSE benchmark Sensex today gained over 80 points in early trade on continued buying by funds as well as retail investors.

The 30-share index,which had gained 345.59 points in the previous session,rose further by 80.05 points,or 0.46 per cent to 17,484.25.

The wide-based National Stock Exchange Nifty index also moved up by 16.20 points,or 0.26 per cent,to 5,311.75.

Brokers said selective buying by funds in blue-chip stocks mainly supported the rise.

Stocks of consumer durables,realty,auto,banking,capital goods,IT and power sector were trading in positive zone.

In the Asian region,Japan’s Nikkei gained 0.68 per cent,while Hong Kong’s Hang Seng shed 0.52 per cent in the morning trade today. The US Dow Jones Industrial Average ended 0.50 per cent higher in the previous session on Friday.

PRE OPENIndian stocks to watch-April 2

GLOBAL STOCK MARKETS ROUNDUP

* Asian shares kicked off the second quarter in positive territory on Monday as risk appetite returned after China manufacturing data dispelled some of the fears of a hard landing in the world’s second biggest economy.

* US stocks closed their strongest quarter in more than two years on a positive note on Friday,led by recently underperforming sectors,including energy and health care.

* Domestic debt and forex markets are closed because of a banking holiday.

* U.K. Chancellor of the Exchequer George Osborne will be in New Delhi for an annual meeting with Indian Finance Minister Pranab Mukherjee and is expected to discuss India’s recent controversial proposal to retroactively tax indirect transfers.(Approx. 0600 GMT)

* Qatar’s oil minister and India’s oil minister to attend LNG importer Petronet LNG’s foundation day function. (0430 GMT)

* India’s March PMI manufacturing data. (0500 GMT)

* India’s February trade data. (0630 GMT)

INDIAN STOCKS TO WATCH

* India’s balance of payments slipped into negative territory for the first time in three years in the three months through December on shrinking dollar inflows,while the country’s current account deficit widened further.

* India’s Oil and Natural Gas Corp and US oil company ConocoPhillips signed a pact on Friday to explore and develop shale gas assets and look for opportunities in deepwater exploration.

* The government plans to force Coal India to commit fuel supply to private power producers for 20 years,and has signalled its intention by sternly rebuffing UK-based hedge fund TCI which criticised the move as an abuse of minority shareholders,government officials said. (Economic Times)

* India’s Bharat Petroleum Corp said it will expand its Kochi refinery by 63 percent,slightly higher than previously planned ,by 2015 and upgrade the finery to process cheaper,high-sulphur crude to improve margins and products.

* Tata Motors’ March vehicle sales rose 20 percent to 100,414 vehicles from the same period a year ago.

* Mahindra & Mahindra vehicles sales for March rose 25 percent to 47,001 vehicles from the same period a year ago.

* India’s Tata Group targets revenues of $500 billion by the financial year ending in March 2021,the Business Standard newspaper reported on Monday,as the steel-to-software conglomerate aims to increase sales five times over nine years.

* India’s Unitech Ltd said it has applied to a local court seeking to restrain Norway’s Telenor from investing in any new telecoms venture in India that would compete with companies’ existing joint venture.

OTHER FACTORS TO WATCH

* Indian rupee sheds 3.7% in March

* Bond yields off lows as debt buy cut-offs disappoint

* Yen slips,Aussie jumps as China data cheers

* Oil ends quarter up 14 pct on Iran,supply

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