Nifty futures breach 6,100; premium over spot expands

Mon Jan 21, 2013 4:03pm IST

People watch a news channel displayed on a large screen on the facade of the Bombay Stock Exchange building, February 28, 2007. REUTERS/Arko Datta/Files

People watch a news channel displayed on a large screen on the facade of the Bombay Stock Exchange building, February 28, 2007.

Credit: Reuters/Arko Datta/Files

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Reuters Market Eye - January futures contract on India's 50-stock index breached 6,100 level earlier in the day as the Nifty rose, led by gains in Reliance Industries (RELI.NS).

This marked the first time a near-month index futures contract rose over 6,100 level since January 6, 2011.

The premium over spot index expanded to 15 points compared with 10 points on Friday, which dealers attribute to confidence in the earnings season.

Among heavyweight stocks -- Reliance, ITC (ITC.N), Infosys (INFY.NS), Tata Consultancy Service (TCS.NS) have beaten their earnings estimates for the December quarter.

Blue chip earnings this week include Hindustan Unilever (HLL.NS) on Tuesday, Larsen & Toubro (LART.NS) on Thursday and Maruti Suzuki (MRTI.NS) on Friday.

(Reporting by Abhishek Vishnoi)

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