Indian shares edge higher; gain for 4th day as defensives lead
* BSE ends up 0.04 pct; NSE adds 0.11 pct * Caution looms ahead of U.S. election, Greek vote * Cement makers gain on Oct shipment hopes By Abhishek Vishnoi MUMBAI, Nov 5 (Reuters) - India's main indexes edged up enough to mark a fourth consecutive gaining session on Monday as defensive stocks such as ITC and drug makers rose amidst global risk aversion ahead of U.S. elections and a key parliamentary vote in Greece. Global shares fell, while the dollar strengthened to two-month highs, on Monday as investors were unwilling to hold too much risk, as the U.S. poll on Tuesday will be followed by a Greek vote on austerity measures on Wednesday. The risk aversion sent the Indian rupee to a 1-1/2 month low against the dollar, and analysts said global cues would be critical for domestic markets in the days ahead. Quarterly earnings results, including from blue chips Bharti Airtel, Tata Motors, and State Bank of India, due this week will also be key. "Domestic markets will be range-bound in coming weeks, will take cues from U.S presidential elections," said Daljeet Singh Kohli, head of research at India Nivesh Securities. India's BSE index rose 0.04 percent, or 7.42 points, to end at 18,762.87 points, bringing its gains to 1.8 percent over the past four sessions. The 50-share NSE index rose 0.11 percent, or 6.50 points, to 5,704.20, closing above the psychologically important 5,700 level for the first time since Oct. 25, and has gained 1.9 percent over the previous four sessions. Defensive stocks gained, with some consumer good companies favoured since they are seen as offering steadier returns and potential for growth. Cigarette maker ITC rose 1.9 percent, while Colgate Palmolive India rose 2.5 percent. Drug makers also advanced, especially following good quarterly results announced recently. Dr. Reddy's Laboratories rose 1.3 percent, advancing for a sixth consecutive session. India's no. 2 drugmaker posted on Tuesday a better-than-expected 32 percent rise in quarterly net profit. Cipla rose 0.9 percent ahead of its quarterly earnings later in the day. ACC rose 2 percent after October cement shipments rose by 3.5 percent to 2.04 million tonnes, a sturdier performance than expected. Ambuja Cements gained 1.3 percent. However, Bajaj Auto dropped 2.1 percent on profit-taking after hitting all-time high on Friday, when the company had announced record domestic motorcycle sales for October. Shares in Crompton Greaves Ltd dropped 8.4 percent after the power equipment makers said on Friday net profit dropped 64 percent in the July-September quarter. Citigroup downgraded Crompton Greaves to 'neutral' from 'buy' saying earnings were lower than expected due to losses and lower margins in its consumer business. Public sector banks with disappointing July-September quarterly earnings fell. Vijaya Bank shares fell 2.9 percent after reporting a 40 percent fall in September quarter net profit, while Allahabad Bank shares fell 2.3 percent after reporting a 52 percent fall in July-September net profit. Jubilant Foodworks fell 2.2 percent after Morgan Stanley downgraded the stock to "equal-weight" from overweight", citing a recent out-performance in the shares and an absence of near-term catalysts. For additional stocks on the move double click FACTORS TO WATCH * Euro hits 2-month low versus dollar on Greece worry * Oil down near $105 on Sandy, dollar strength * European shares fall as U.S. election looms * Foreign institutional investor flows * For closing rates of Indian ADRs ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: Indian Data Watch Asia earnings diary U.S. earnings diary European diary Indian diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General Asia Macro data <ECONASIA (Editing by; Additional reporting by Manoj Dharra)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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