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recovery mechanism will be withdrawn after the government's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

Consumer Confidence Index

REUTERS SHOWCASE

Food Scandal

Food Scandal

Starbucks, Burger King dragged in as China food scandal spreads.  Full Article 

Bigger iPhones

Bigger iPhones

Apple asks suppliers to produce up to 80 mln large-screen iPhones - WSJ.  Full Article 

Gaza Conflict

Gaza Conflict

Israel keeps up Gaza assaults, Kerry presses for truce.  Full Article 

Ukraine Crash

Ukraine Crash

Bodies, black boxes handed over from Ukraine crash site.  Full Article 

Bali Trade Deal

Bali Trade Deal

India keeps world guessing in countdown to landmark trade pact deadline.  Full Article 

Bangalore Sex Abuse

Bangalore Sex Abuse

Modi's BJP puts political twist on local sex abuse case   Full Article 

Yahoo to buy Flurry

Yahoo to buy Flurry

Yahoo to buy analytics startup Flurry to bolster mobile ad business.  Full Article 

Wholesale Biz

Wholesale Biz

Wal-Mart adds $102.9 million in Indian wholesale business in June.  Full Article 

Monsoon Effect

Monsoon Effect

Thailand to reclaim top rice exporter spot after poor Indian rains.  Full Article 

Reuters India Mobile

Reuters India Mobile

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