Indian shares rebound; rate sensitive stocks lead

MUMBAI Thu Dec 6, 2012 3:42pm IST

Related Topics

MUMBAI Dec 6 (Reuters) - Indian shares recovered early losses on Thursday, rising for the third day, after a key ally of the government decided to support foreign direct investment in supermarkets in the upper house of the parliament.

Gains were led by a rebound in rate sensitive stocks such as ICICI Bank on hopes of traction in pension and insurance bills after FDI in retail.

ICICI Bank provisionally closed up 2 percent, while Tata Motors ended 2.3 percent higher.

The BSE index provisionally gained 0.49 percent, while the 50-share NSE index ended up 0.52 percent.

Bahujan Samaj Party, which had abstained in the lower house, will now support the government's move to allow FDI in retail, which may help tilt the vote in the favour of the government.

The government won the vote in the lower house on Wednesday, but is in minority in the upper house. (Reporting by Abhishek Vishnoi; Editing by Anand Basu)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Paring Debt

Paring Debt

Jaiprakash to sell hydro plants to Reliance Power  Full Article 

Nifty Falls

Nifty Falls

The broader index hits lowest in nearly a week on profit taking  Full Article 

Mideast Conflict

Mideast Conflict

U.N. Security Council calls for humanitarian ceasefire in Gaza  Full Article 

Market Eye

Market Eye

Foreign investors prefer Indian cyclicals, utilities - Macquarie  Full Article 

Debt Investment

Debt Investment

India's FII debt limit hike credit-positive, says Moody's  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage