MARKET EYE-Indian shares gain; IT gains, oil explorers fall

Fri Mar 1, 2013 10:42am IST

Related Topics

Stocks

   

* The BSE index gains 0.45 percent, rebounding from
three-month lows hit in the previous session, while the 50-share
NSE index is also up 0.5 percent. 
* Technology shares gain as a weakening rupee is seen
benefiting returns from overseas profits: Infosys Ltd 
gains 1.4 percent, while Wipro Ltd is up 1.6 percent.
* However, oil explorers extend falls on worries a cost-sharing
recovery mechanism will be withdrawn after the government's
planned move to a revenue-sharing policy from profit-sharing
now.
* Oil and Natural Gas Corp falls 0.8 percent and Oil
India is down 1.3 percentŸ, after budget failed to
present a credible roadmap on subsidy reduction.
* Overall, traders say sentiment remains weak after the 2013/14
budget unveiled on Thursday was seen as focusing on
revenue-raising measures, including duties on wealthier income
earners, to pay for an increase in spending. 
* Data showing worse-than-expected 4.5 percent growth in GDP in
the quarter ended December, also hurt sentiment. 

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

Sino-Indian Ties

REUTERS SHOWCASE

Eyeing Stocks

Eyeing Stocks

Interview - EPFO chief urges green light to buy stocks  Full Article 

Stimulus Reports

Stimulus Reports

China cenbank injects $81 bln into major banks to support economy - reports  Full Article 

Monsoon Update

Monsoon Update

Delayed retreat of monsoon rains to start this weekend  Full Article 

Fed Policy Meeting

Fed Policy Meeting

Fed could hint on rate-hike plans as it prepares for policy turn  Full Article 

Grim Outlook

Grim Outlook

Sony deepens loss estimate on struggling smartphone business  Full Article 

Sugar Surplus

Sugar Surplus

India to produce surplus sugar for fifth straight year - industry body  Full Article 

Business Sentiment

Business Sentiment

China, Singapore slowdown weigh on Q3 Asia business sentiment   Full Article 

Reuters India Mobile

Reuters India Mobile

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