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:

REUTERS SHOWCASE

Nifty Above 8,600

Nifty Above 8,600

Nifty hits record high above 8,600; state-run lenders gain  Full Article 

Bhopal Tragedy

Bhopal Tragedy

Bhopal's toxic legacy lives on, 30 years after industrial disaster  Full Article 

Essar Group

Essar Group

Exclusive - Essar's planned oil-for-steel deal tests Iran sanctions  Full Article 

Islamic Fund

Islamic Fund

India gets new Islamic equity fund but debt market still off-limits  Full Article 

Fiscal Deficit

Fiscal Deficit

April-October fiscal deficit nears 90 pct of full-year target  Full Article 

Oil Prices

Oil Prices

Oil hits new four-year low post OPEC as glut looms  Full Article 

Gold Imports

Gold Imports

Nov gold imports seen climbing on expectation of curbs   Full Article 

Reuters India Mobile

Reuters India Mobile

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