Do More With Reuters
Partner Services

Indian shares set to get boost from Asian rally

Mon Nov 10, 2008 9:45am IST
 
Email | Print | | Single Page
[-] Text [+]

BANGALORE, Nov 10 (Reuters) - Indian shares should rise on Monday, lifted by gains in international markets after moves by China and G20 nations to fight the global economic slowdown boosted sentiment.

Shares in Tata Motors (TAMO.BO: Quote, Profile, Research) will be watched after India's largest vehicle maker said it was closing two of its commercial vehicle plants for six days this month to avoid inventory build-ups as demand falls away. [ID:nBOM366731]

Asian stocks and commodity prices climbed on Monday after China unveiled a nearly $600 billion economic stimulus plan, one of many measures countries are undertaking to limit the economic fallout from the financial crisis. [ID:nSP420164]

"The plans to ease the global financial crisis by China and other countries will provide temporary relief to the markets," said R.K. Gupta, managing director at Taurus Mutual Fund.

"Overall, I think the Indian market is in a consolidation phase and it will not see sharp upside or downside from these levels in the short term."

The Nifty futures index SINc1 traded in Singapore was up 1.1 percent, indicating a higher opening for the local market.

On Friday, India's main 30-share BSE index .BSESN rose 2.36 percent to 9,964.29. The index is still down 51 percent in 2008.

Foreign funds have sold a net $12.7 billion of Indian stocks so far in 2008, after investing a record $17.4 billion last year.

At 0342 GMT, Japan's Nikkei share average .N225 was up 4.4 percent, Hong Kong .HSI had risen 1.9 percent and the MSCI index of Asia-Pacific stocks excluding Japan .MIAPJ0000PUS had risen 1.5 percent. ---------------------MARKET SNAPSHOT@0345GMT------------------  Continued...

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

GLOBAL RECOVERY

A labourer works on a flyover bridge at a construction site in New Delhi October 14, 2009. REUTERS/Parth Sanyal/Files
Global economy in holding pattern - IMF

The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months.  Full Article 

A man walks past a bronze statue of a bull outside the Bombay Stock Exchange (BSE) building in Mumbai in this March 25, 2008 file photo. REUTERS/Punit Paranjpe/Files
Bubble trouble?

With India's benchmark stock index, the BSE Sensex, at around 17,000 points, are the Indian equity markets looking at a possible bubble?  Commentary 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

BLOGS

Photo
Calculated Move

Reliance aims big with $12 bln bid for LyondellBasell.  Blog 

showcase

U.S. Recession
U.S. Recession

A trip through the epicenters of the American recession.  Full Coverage 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
T P Raman
Column - RBI leads the world

Reserve Bank of India's approach ring-fenced the banking system.   Full Article 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Not Enough Jobs
Not Enough Jobs

Venture capital creates jobs, but not enough.  Full Article 

 
Column - A Sweet Dream
Column - A Sweet Dream

There are good reasons for Ferrero to consider a combination with Cadbury.  Full Article