The BSE benchmark Sensex rose by over 98 points in early trade today as stocks of realty and IT sectors led recovery on fresh buying by funds and retailers amid a firm trend in Asian region.
The 30-share barometer,which had lost 135.85 points in the previous session,rebounded by 98.07 points,or 0.53 per cent,to 18,675.77.
All the sectoral indices led by realty traded in positive zone with gains of up to 1.34 per cent.
Shares in Indian software services provider HCL Technologies rose 2.5 percent in pre-open trade
On the similar lines,the wide-based National Stock Exchange index,Nifty moved up by 28.45 points,or 0.50 per cent,to 5676.45.
Brokers said fresh buying by participants amid a firm trend in Asian region in line with overnight gains on European and US markets following Moody’s decision not to downgrade Spain’s credit rating and positive US economic data,mainly led the recovery on the domestic boures here.
In Asian region,Hong Kong’s Hang Seng index rose 0.91 per cent,while Japan’s Nikkei gained 1.33 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.95 per cent higher yesterday.
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MARKETS-INDIA-STOCKS/PRE-OPEN:Indian stocks to watch-Oct 17
stocks to watch-Oct 17nx;MARKETS-INDIA-STOCKS/PRE-OPEN:Indian stocks to watch-Oct 17en
GLOBAL MARKETS ROUNDUP
* Nifty futures on the Singapore Exchange rose 0.66 percent. The MSCI-Asia Pacific index excluding Japan was up 0.68 percent.
* U.S. stocks rallied on Tuesday,giving the S&P 500 its best two-day advance in a month as strong earnings from Johnson & Johnson and other bellwether companies raised hopes for the rest of the U.S. reporting season.
* Asian shares rose on Wednesday as strong U.S. earnings reports brightened investor mood,while the euro hit a one-month high against the dollar as Spain dodged a bullet when Moody’s Investor Service kept Madrid’s investment grade rating.
FACTORS TO WATCH
* Australian PM Julia Gillard to meet Indian PM in Delhi.
* Mahindra & Mahindra controlled Ssangyong Motor launches its first model in India on Wednesday,18 months after the Indian company purchased a majority stake in the South Korean automaker.
* HCL Technologies,Indian software services provider,will report results for fiscal first quarter that ended September 30. (0230GMT)
* Telecom Commission meets on telecom spectrum refarming. (0830GMT)
* Cathay Pacific Airways,the world’s largest air freight carrier,hold a presser in New Delhi to share key developments for the Delhi market. (0830GMT)
INDIAN STOCKS TO WATCH
* Citigroup Inc’s Vikram Pandit quit as chief executive on Tuesday after months of simmering tensions with the board – an abrupt change that surprised investors and employees of the third-largest U.S. bank.
* Both Prime Minister Manmohan Singh and United Progressive Alliance Chairperson Sonia Gandhi met President Pranab Mukherjee on Tuesday,separately. According to Congress sources,this could be a precursor to an imminent Cabinet reshuffle. The reshuffle is likely to take place on October 19.
* The total amount of loans restructured by Indian banks under the corporate debt restructuring mechanism crossed a staggering 1.68 trillion rupees,on a cumulative basis,on 30 June,registering an addition of about 179.57 billion rupees in the three months since April.
* The regulator of housing finance companies is devising a product that will allow lenders to raise funds against disbursed loans,thereby reducing their borrowing cost and making loans cheaper for consumers.
* Standard Chartered Bank is set to acquire retail assets of Barclays Bank in India and an announcement is expected soon,bankers familiar with the development said.
* The government is likely to let foreign investors subscribe to warrants and partly paid-up shares issued by companies as part of a move to speed up approvals and facilitate faster flow of overseas funds into the economy.
* Energy firms that win exploration blocks in future would be insulated from rigorous CAG scrutiny and bureaucratic meddling but they would have to share profit with the government from the day they start production instead of the current system where they first recover costs.
* The government’s move to ensure coal supply to power plants that have medium-term agreements with utilities will benefit projects with at least 1,500 mw capacity,a person with knowledge of the matter said.
* Reliance Industries has said the KG-D6 block oversight panel has approved its revised field development plan for the MA oilfield in the Krishna Godavari basin block but the government nominees haven’t signed on the approval for the past three months.
* The Coal Ministry has filed a caveat in the Supreme Court against a petition challenging coal block allocations.
* Aditya Birla Group’s flagship metals arm Hindalco has received a 2.6 billion rupees tax breather in its ongoing transfer pricing spat with income tax authorities following an order by the Dispute Resolution Panel (DRP) hearing the matter,three sources familiar with the development told ET NOW.
* State-owned Oil and Natural Gas Corp and gas utility GAIL India Ltd have evinced interest in picking up stake in the 50-billion rupees Kochi petrochemical project that Bharat Petroleum Corp Ltd is building in joint venture with Korea’s LG Chemicals. INFRASTRUCTURE
* The Group of Ministers cleared the controversial land bill on Tuesday,suggesting the consent of 66 percent of the affected people would be required for acquisition for private and PPP projects,instead of 80 percent,and that it should be applied from an unspecified cut-off date.
The Aditya Birla Group has revived negotiations to buy out Jaiprakash Associates’ cement plants in Gujarat and Andhra Pradesh after Irish building materials company CRH called off talks with the diversified New Delhi-based group.
* Indian carmaker Tata Motors Ltd will look to rationalise its product range and overhaul its image,the head of its domestic business said on Tuesday,as he sets about reviving the firm’s sputtering local business in a fiercely competitive market.
* General Motors Co bought back most of the 50-percent stake in its Indian operations that it had sold to Chinese partner SAIC Motor Corp,regaining control of the joint venture,the automaker said on Tuesday.
* Maruti Suzuki India Ltd has launched a cheaper,more powerful and fuel-efficient version of its Alto – the world’s best-selling small car – as competitors including Hyundai and Tata Motors flex their muscles in the entry-level market.
* Maruti Suzuki India Ltd plans to produce 2,000 cars per day by end-November at its Manesar factory in the northern state of Haryana,which was hit by a riot earlier this year,up from 1,500 now,M. Singh,chief operating officer for production said on Tuesday.
* India will abolish a controversial airport fee at New Delhi and Mumbai airports from January 2013,the government said,as the country seeks to bolster air travel amid complaints of high costs by global airlines.
* GMR Group is willing to pick up the equity stakes of its joint venture partners – German airport giant Fraport and Eraman Malaysia – which want to pull out of Delhi International Airport Ltd (DIAL),the company that runs Delhi airport.
* British liquor major Diageo is close to acquiring 25 percent stake in Vijay Mallya-controlled United Spirits . A formal announcement of the deal is likely to happen in two days. Diageo will have to make an open offer to acquire a controlling 51 percent stake in USL.
* Deutsche Post DHL’s Indian arm plans to invest 100 million euros ($129.4 million) via its supply chain division to build new warehouses and transport facilities in
India as it positions itself to exploit the opening up of the retail sector.
* Proposals by America’s oldest clothing retailer Brooks Brothers and Italian jewellery major Damiani for direct investment in single-brand retail will be taken up by the Finance Ministry on Friday.
* Welspun Corporation said it intends to buy back convertible bonds worth 150$ million,carrying a coupon rate of 4.5 percent.
* Realty firm Unitech filed an application for withdrawl of its petition from the Company Law Board (CLB) against the Norwegian telecom giant Telenor after both partners settled their disputes last week.
* US-based chipmaker Qualcomm,which had bagged 4G spectrum in the 2010 auctions,and has sold a 49 percent stake its venture here to Bharti Airtel,does not plans to participate in future airwaves sales in India,including spectrum auctions in new bands such as 700 MHz and 450 MHz band,its global chief executive Paul Jacobs said.
* Chinese telecom firm Huawei today launched the first LTE handset in the country in partnership with chipset maker Qualcomm and Bharti Airtel.
* Mindtree posts 33 percent jump in net profit for June-Sept quarter to 722 million rupees from 543 million rupees a year ago while income from ops grew 30.4 percent to 5.96 billion rupees from 4.57 billion rupees a year earlier.
OTHER FACTORS TO WATCH
* Indian debt/FX factors to watch
* Euro extends gains after Moody’s affirm Spain ratings
* Brent falls as Nov contract expires,U.S. crude higher
* Foreign institutional investor flows
* For closing rates of Indian ADRs
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