BSE Sensex gains; SBI, Coal India up
Reuters Market Eye - The BSE Sensex gains 0.13 percent and the Nifty is up 0.12 percent. State Bank of India gains 0.6 percent while Coal India (COAL.NS) is up 0.3 percent ahead of their quarterly results later in the day.
Shares in United Spirits Ltd (UNSP.NS) rise as much as 6.1 percent on hopes Indian liquor baron Vijay Mallya's company is nearing a deal to sell a stake to Diageo (DGE.L), with sources telling Reuters an announcement could be made as early as Friday.
However, Asian shares extend losses, weighed down by worries over the risk of a recession in the world's largest economy as the United States faces a looming fiscal crisis and by uncertainty over a bailout for Greece, which keep sovereign bonds firmly bid.
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India threatened on Friday to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a U.S. warning that its demands could kill global trade reform efforts. Full Article