Sensex gains 56 points in early trade

Nov 19 2012, 09:58 IST
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The 30-share barometer rose by 56.22 points, or 0.30 per cent, to 18,365.59 with stocks of realty, capital goods, IT and auto sectors leading the recovery. (Reuters) The 30-share barometer rose by 56.22 points, or 0.30 per cent, to 18,365.59 with stocks of realty, capital goods, IT and auto sectors leading the recovery. (Reuters)
SummarySensex rose by 56.22 points, or 0.30 per cent, to 18,365.59.

Snapping a six-session long losing streak, the BSE benchmark index Sensex today recovered by over 56 points in early trade on the back of fresh buying by funds and retail investors amid a firm trend in Asian markets.

The 30-share barometer rose by 56.22 points, or 0.30 per cent, to 18,365.59 with stocks of realty, capital goods, IT and auto sectors leading the recovery. The index lost almost 593 points in the past six sessions.

The wide-based National Stock Exchange index Nifty moved up by 10.25 points, or 0.18 per cent, to 5,584.30.

Brokers said the trading sentiment turned slightly better on selective buying by funds and retail investors, tracking a firm trend in Asian markets.

In Asia, Hong Kong's Hang Seng rose by 0.24 per cent, while the Japan's Nikkei by 1.33 per cent in early trade.

The US Dow Jones Industrial Average had ended 0.23 per cent higher in previous session on Friday.


Nifty futures on the Singapore Exchange rose 0.29 percent. The MSCI-Asia Pacific index excluding Japan was up 0.53 percent.

Hope that U.S. politicians would find common ground to steer clear of the fiscal cliff boosted stocks on Friday, though the gains were not enough to offset the week's losses.

Asian shares rose on Monday, boosted by a positive tone in U.S. equities last week, while the yen fell to a near seven-month low against the dollar on expectations a new government after next month's election in Japan may deliver more stimulus.


Day 1 of the RBI-ADB conference on managing capital flows. RBI deputy governor Subir Gokarn and H.R. Khan, as well as executive director Deepak Mohanty will attend the event.

C. Rangarajan, head of the Economic Advisory Council to the Prime Minister Manmohan Singh will speak at an event hosted by the Export-Import Bank of India and will address a press conference. (0530 GMT)

Finance Minister P. Chidambaram will be in Bangalore for a meeting with the chief ministers of South Zone states and chiefs of state-run banks and financial institutions.



India is planning to announce the finalised amendments to the controversial rules on tax evasion for foreign investors in the next 7-10 days, Finance Minister P. Chidambaram said on Friday, without specifying the details of what will be announced.


Mergers and acquisitions (M&As) in the banking space may require clearance from fair market watchdog, Competition Commission of India (CCI), as well as the sector regulator, Reserve Bank of India (RBI), Business Standard reported, citing an unidentified key CCI official.

Hong Kong-based private equity firm NewQuest Capital Partners expects to invest about $140 million in India, hoping to capitalize on the so-called secondary opportunities in the country, said Amit Gupta, partner and head of the India business at NewQuest.


The ministry of coal has issued deallocation letters for eight coal blocks after a decision by the inter-ministerial group. Among companies affected by the deallocation were Grasim Industries, Gujarat Ambuja Cement, Electrotherm, and Kesoram Industries.

Zuari Industries has signed a memorandum of understanding to set up an $800 million manufacturing facility in the United Arab Emirates.


Italy's Luigi Lavazza Spa is looking for a strategic partner or even an outright buyer for its Indian coffee chain Barista five years after acquiring it, and has begun preliminary talks with potential partners and buyers, said a person with direct knowledge of the situation.

Uttam Galva group has acquired majority stake of about 58.35 percent in ailing Lloyds Steel and plans to invest additional 3.8 billion rupees in the steelmaker to turn around the company, Uttam Galva Steels' Deputy Managing Director Ankit Miglani said.

InterGlobe Enterprises Ltd, which runs budget carrier IndiGo, plans to launch a university with a Canadian partner, University of Waterloo, and open retail stores in a joint venture with Swiss retailer Dufry AG as part of a diversification effort,

hairman Rahul Bhatia said in an interview.


Aviation minister Ajit Singh on Saturday ordered a probe into the pricing mechanism of airlines, saying there must be some reasonableness and limit.

Air India has launched the first tranche of its 74 billion rupees ($1.3 billion) 19-year bond sale. The 5 billion rupees tranche is being placed with the Employees' Provident Fund Organisation (EPFO).

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