MARKET EYE-SGX Nifty gains; traders expect consolidation

Thu Jan 3, 2013 8:39am IST

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* Nifty futures on the Singapore Exchange gains 0.36
percent. The MSCI-Asia Pacific index, excluding Japan
 is up 0.21 percent.    
* Many Asian stocks started Thursday with mild gains while oil
eased following the previous session's rally as investors look
ahead to negotiations on the U.S. debt limit and spending cuts.
 
* Foreign investors bought 11.07 billion rupees of stocks, while
domestic institutions sold 4.17 billion rupees of stocks on
Wednesday, when India's BSE index rose 0.68 percent.
* Traders expect some consolidation ahead as Indian shares are
looking overbought in the near-term after rallying in 2012.  
* Also on watch, an Indian ministerial panel is likely to meet
on Thursday to discuss the government's plan for the next
airwave auction. (0430 GMT)

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.reuters.com@reuters.net)
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