Indian shares gain for a third day; derivatives expiry, GDP data key

Tue May 28, 2013 4:13pm IST

Related Topics

Stocks

   

* BSE index gains 0.65 pct; NSE ends 0.46 pct higher
    * Reliance Industries surges for a second day on gas
discovery
    * Cipla falls a day ahead of Jan-March results

    By Abhishek Vishnoi
    MUMBAI, May 28 (Reuters) - Indian shares rose for a third
consecutive session on Tuesday, led by gains in resources
stocks, as Reliance Industries climbed for a second day after a
significant gas discovery, while Coal India jumped after its
March-quarter profit beats estimates. 
    Stronger European and Asian shares after signals of more
monetary policy support from European Central Bank and Bank of
Japan officials also helped domestic shares. 
    However, trading could turn more volatile ahead of the
expiry of May derivatives contracts on Thursday, with investors
also watching January-March economic growth data due on Friday.
    "Even as derivatives expiry may create volatility, GDP
numbers are expected to bring in more confidence to the reversal
of interest rate cycle in India," said G. Chokkalingam, chief
investment officer at Centrum Wealth Management.
    The benchmark BSE index rose 0.65 percent, or
130.05 points, to end at 20,160.82, marking its highest close
since May 20.
    The broader NSE index rose 0.46 percent, or 28.10
points, to end at 6,111.25, closing above the psychologically
important 6,100 level.
    Shares in Coal India Ltd rose 3.1 percent after
its January-March earnings beat estimates and after the world's
largest coal producer also announced it would raise prices.
 
    Reliance Industries Ltd gained 1.8 percent, up for
a second day after the conglomerate and its partners said on
Friday they had made a significant gas discovery in the KG-D6
block. 
    Havells India Ltd shares gained 3.3 percent after
it said in a statement that its March-quarter profit rose 19.8
percent to 1.09 billion rupees. 
    CESC Ltd shares rose 2.1 percent after it reported
March-quarter profit at 2.56 billion rupees compared to a
consensus forecast of 1.93 billion rupees. 
    However, among stocks that fell, Astrazeneca Pharma India
Ltd fell 17 percent after setting the floor price for
a share sale from promoters at 490 rupees, a 39 percent discount
to Monday's closing price of 805 rupees.
    Sun Pharmaceutical Industries Ltd fell 1.7 percent
ahead of its March-quarter earnings later in the day, while
Cipla Ltd fell 1.3 percent a day ahead of its
earnings.
    
   For additional stocks on the move double click        
     
   FACTORS TO WATCH                                             
* Yen slips as Nikkei regains some stability              
* Oil rises above $103 on Mideast risk, equities           
* ECB, BoJ support pledges boost shares, dollar      
* Foreign institutional investor flows          
* For closing rates of Indian ADRs                       
                       
   ASIA-PACIFIC STOCK MARKETS:                                  
Pan-Asia........ Japan.......   S.Korea... 
S.E. Asia.......        Hong Kong...  Taiwan.... 
Australia/NZ....        India.......  China..... 
                        
   OTHER MARKETS:                                               
Wall Street ....         Gold ....... Currency.. 
Eurostocks.....         Oil ........  JP bonds... 
ADR Report .....       LME metals. US bonds.. 
Stocks News US.. Stocks News Europe     
                       
   DIARIES & DATA:                                              
Indian Data Watch   Asia earnings diary 
U.S. earnings diary     European diary       
Indian diary          Wall Street Week Ahead  
Eurostocks Week Ahead                                   
                         
   TOP NEWS:                                                    
   For top Asian company news, double click on:       
   U.S. company news  European company news  
   Forex news        Global Economy news  
   Technology news  Telecoms news        
   Media news       Banking news           
   Politics/General    Asia Macro data      <ECONASIA 

 (Editing by Sunil Nair)
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

Markets

REUTERS SHOWCASE

Canada Shooting

Canada Shooting

Attack on parliament, killing of soldier stun Canada's capital.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

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