MARKET EYE-Indian shares extend gains; hopes on RBI action

Fri Nov 30, 2012 1:49pm IST

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* The BSE index up 0.73 percent at 19,310.68, and the
NSE index up 0.65 percent at 5,862.35, extending gains,
after weak GDP data raised hopes for some monetary easing at the
next central bank meeting on Dec. 18.
* The Indian economy extended its long slump in the quarter
ending in September, with a lower-than-expected growth at 5.3
percent, keeping it on track for its worst year in a decade. 
 
* Market participants say growth will recover in the second half
of the year, helped by improved global environment and policy
action by the government.
* Both State Bank of India and Punjab National Bank
 gain 2.1 percent, with both banks having substantial
farm loan exposure, after data showed farming output has grown
1.2 percent in the Sept quarter.
* Other blue-chip stocks that gained: Reliance Industries
 shares up 1.15 percent, while ONGC rises 3.4
percent.            

 (manoj.dharra@thomsonreuters.com)
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