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

Fri Mar 1, 2013 10:42am IST

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

* 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recovery mechanism will be withdrawn after the government's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)
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