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recovery mechanism will be withdrawn after the government's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:
  • Most Popular
  • Most Shared

Coal Sector

REUTERS SHOWCASE

Border Talks

Border Talks

India names Ajit Doval as special envoy for China border talks.  Full Article 

WTO Deal

WTO Deal

U.S. seeks to step up India trade talks  Full Article 

Phone Masts

Phone Masts

American Tower to buy Bharti Nigeria phone masts for $1.1 billion  Full Article 

Plunging Oil Prices

Plunging Oil Prices

Oil price seen falling to $60 if OPEC does not cut output  Full Article 

Shadow Banking

Shadow Banking

Reserve Bank planning more measures for NBFCs.  Full Article 

Auto Sector

Auto Sector

Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets  Full Article 

Raising Money

Raising Money

SpiceJet says in early talks with investors for fresh capital.  Full Article 

Market Eye

Market Eye

Sensex, Nifty rise to record after China, ECB stimulus boosts risk appetite.  Full Article 

Reuters India Mobile

Reuters India Mobile

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