June 3, 2014 / 9:13 AM / 3 years ago

MARKET EYE -Indian shares rise; steel firms gain

* The broader NSE index is up 0.4 percent while the
benchmark BSE index is up 0.3 percent, paring some of
its earlier gains of nearly 1 percent.
* Steel shares gain after surveys showed China's factory and
services sectors had their best showings in months in May. Tata
Steel rises 4.4 percent, Steel Authority of India
 is up 2.9 percent, while JSW Steel rises 3.8
percent. 
* Cement stocks also gain on value buying. ACC rises
3.2 percent while Ambuja Cement is up 3. percent.
* Also, bank shares trade mix after RBI kept its key policy rate
on hold and toned down its inflation rhetoric, while cutting the
amount of bonds lenders must set aside with the RBI, but broader
gains were tempered by profit-taking. 
* Kotak Mahindra Bank is down 1.8 percent while HDFC
Bank is up 0.5 percent.

 (abhishek.vishnoi@thomsonreuters.com /
abhishek.vishnoi.thomsonreuters.com@reuters.net)

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