Sensex up 64pts on reform hopes

Nov 22 2012, 09:56 IST
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Sensex rose by almost 64 points in early trade today on sustained buying by funds and retailers.  (Reuters) Sensex rose by almost 64 points in early trade today on sustained buying by funds and retailers. (Reuters)
SummarySensex rose by almost 64 points in early trade today on sustained buying by funds and retailers.

The BSE benchmark Sensex rose by almost 64 points in early trade today on sustained buying by funds and retailers largely on hopes of more reform measures by the government in the Winter Session of Parliament.

The 30-share barometer that had gained 131.06 points yesterday, rose by 63.83 points, or 0.35 per cent, to 18,534.21.

All the sectoral indices, led by realty and banking, were trading in positive zone with gains of up to 0.61 per cent.

The wide-based National Stock Exchange index Nifty moved up by 14.30 points, or 0.25 per cent, to 5,629.10.

Brokers said increased buying by funds and retail investors anticipating that the government might take more reform measures to support the economy in the Winter Session of Parliament beginning today buoyed the trading sentiments.

Besides, a firming trend in the Asian region fuelled by overnight gains on the US markets also boosted the sentiment.

In Asia, Hong Kong's Hang Seng rose by 0.33 per cent, while the Japan's Nikkei by 1.23 per cent in early trade today.

The US Dow Jones Industrial Average had ended 0.38 per cent higher yesterday.

Meanwhile, the government yesterday said it will offload its four per cent share in Hindustan Copper Ltd on Friday, starting the Rs 30,000 crore disinvestment programme for the current fiscal.

GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange rise 0.33 percent. The MSCI-Asia Pacific index excluding Japan is up 0.82 percent.

U.S. stocks finished modestly higher on Wednesday, with the S&P 500 up for a fourth session, although volume was one of the year's lowest on the day ahead of the Thanksgiving holiday.

Asian shares rose on Thursday as China's manufacturing sector expanded for the first time in 13 months in November, adding to optimism that global growth slowdown may have turned a corner after firm U.S. factory data.

INDIAN STOCKS TO WATCH

TOP NEWS

India is to allow state-run Life Insurance Corp (LIC) to triple the maximum stake it can hold in other companies to 30 percent in a move seen as helping a government sell-off of its own holdings in a range of firms.

The government also said on Wednesday it would kick off sales by offloading a stake in Hindustan Copper on Friday and in miner NMDC Ltd and explorer Oil India before Dec. 20.

FINANCIAL/REGULATORY

India's central bank Governor Duvvuri Subbarao went

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