May 30, 2013 / 11:24 AM / 4 years ago

Indian shares end higher a day ahead of crucial GDP data

* BSE index gains 0.34 pct; NSE ends 0.32 pct higher
    * Tata Motors, M&M surge after earnings beat

    By Abhishek Vishnoi
    MUMBAI, May 30 (Reuters) - Indian shares rose on Thursday in
a volatile session marked by the expiry of May derivatives,
buoyed by gains in auto stocks such as Tata Motors and M&M,
which posted market beating quarterly earnings.
    Analysts said better-than-expected earnings by Sun
Pharmaceutical Industries Ltd, Tata Motors Ltd
 and Mahindra and Mahindra Ltd (M&M) had
tilted views about Jan-March earnings season as being "slightly
better" than "mixed" earlier.    
    Investors are now awaiting January-March economic growth
data due on Friday. Indian economic growth probably nudged up in
the three months to March from a near four-year low the previous
quarter, a Reuters poll showed on Tuesday, suggesting a gradual
turnaround from a prolonged slowdown. 
    Dealers hope that weaker growth may push the central bank to
cut interest rates again, when it meets next month on June 17.
    "With inflation falling, GDP is also expected to give cues
for continuation of rate reversal cycle," said Vijay Kedia,
director at private wealth management firm Kedia Securities.
    June would also be a positive month as apart from Foreign
Institutional Investors, markets are underowned by almost all
other class of investors, added Kedia.
    The benchmark BSE index rose 0.34 percent, or 67.76
points, to end at 20,215.40. The index ended up in four out of
last five sessions.
    The broader NSE index rose 0.32 percent, or 19.75
points, to end at 6,124.05, closing above the psychologically
important 6,100 level.
    Shares in Tata Motors gained 4.4 percent after its quarterly
earnings beat estimates, helped by better-than-expected margins
at unit Jaguar Land Rover Ltd. 
    Mahindra and Mahindra, India's biggest utility vehicle
manufacturer, rose 4.5 percent after it posted a forecast
beating 1.7 percent rise in net profit for the three months
ended March, helped by higher sales. 
    Among other auto stocks, Bajaj Auto Ltd rose 0.7
percent while Maruti Suzuki India Ltd ended 0.2
percent higher.
    Sun Pharmaceutical Industries Ltd rose 0.8 percent,
marking its second day of gains after hitting an all-time high
of 1,084.80 rupees earlier, as its net profit rose more than
expected and its management guided for robust sales growth in
FY14 on Tuesday. 
    However, among stocks that fell, Cipla Ltd 
declined 4.7 percent after it reported an 8.2 percent fall in
quarterly net profit, lagging street estimates, as sales growth
in its key domestic market slowed down. 
    State-run explorer Oil & Natural Gas Corp fell 0.3
percent after it reported a higher-than-expected 40 percent
slump in quarterly profit, as higher taxes, write-offs for dry
wells and additional depreciation offset rising sales.
 
    
   For additional stocks on the move double click        
     
   FACTORS TO WATCH                                             
* Euro rises to two-week high versus dollar               
* Oil slips towards $102 on abundant supplies worries      
* Shares under pressure on Fed stimulus jitters      
* 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                                   
                         
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 (Editing by Anand Basu)

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