* BSE index gains 0.65 pct; NSE ends 0.46 pct higher
* Reliance Industries surges for a second day on gas
* Cipla falls a day ahead of Jan-March results
By Abhishek Vishnoi
MUMBAI, May 28 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
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
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.....
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
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)