* BSE ends up 0.04 pct; NSE adds 0.11 pct
* Caution looms ahead of U.S. election, Greek vote
* Cement makers gain on Oct shipment hopes
By Abhishek Vishnoi
MUMBAI, Nov 5 India's main indexes edged up
enough to mark a fourth consecutive gaining session on Monday as
defensive stocks such as ITC and drug makers rose amidst global
risk aversion ahead of U.S. elections and a key parliamentary
vote in Greece.
Global shares fell, while the dollar strengthened to
two-month highs, on Monday as investors were unwilling to hold
too much risk, as the U.S. poll on Tuesday will be followed by a
Greek vote on austerity measures on Wednesday.
The risk aversion sent the Indian rupee to a 1-1/2
month low against the dollar, and analysts said global cues
would be critical for domestic markets in the days ahead.
Quarterly earnings results, including from blue chips Bharti
Airtel, Tata Motors, and State Bank of
India, due this week will also be key.
"Domestic markets will be range-bound in coming weeks, will
take cues from U.S presidential elections," said Daljeet Singh
Kohli, head of research at India Nivesh Securities.
India's BSE index rose 0.04 percent, or 7.42
points, to end at 18,762.87 points, bringing its gains to 1.8
percent over the past four sessions.
The 50-share NSE index rose 0.11 percent, or 6.50
points, to 5,704.20, closing above the psychologically important
5,700 level for the first time since Oct. 25, and has gained 1.9
percent over the previous four sessions.
Defensive stocks gained, with some consumer good companies
favoured since they are seen as offering steadier returns and
potential for growth.
Cigarette maker ITC rose 1.9 percent, while Colgate
Palmolive India rose 2.5 percent.
Drug makers also advanced, especially following good
quarterly results announced recently.
Dr. Reddy's Laboratories rose 1.3 percent,
advancing for a sixth consecutive session. India's no. 2
drugmaker posted on Tuesday a better-than-expected 32 percent
rise in quarterly net profit.
Cipla rose 0.9 percent ahead of its quarterly
earnings later in the day.
ACC rose 2 percent after October cement shipments
rose by 3.5 percent to 2.04 million tonnes, a sturdier
performance than expected.
Ambuja Cements gained 1.3 percent.
However, Bajaj Auto dropped 2.1 percent on
profit-taking after hitting all-time high on Friday, when the
company had announced record domestic motorcycle sales for
Shares in Crompton Greaves Ltd dropped 8.4 percent
after the power equipment makers said on Friday net profit
dropped 64 percent in the July-September quarter.
Citigroup downgraded Crompton Greaves to 'neutral' from
'buy' saying earnings were lower than expected due to losses
and lower margins in its consumer business.
Public sector banks with disappointing July-September
quarterly earnings fell.
Vijaya Bank shares fell 2.9 percent after
reporting a 40 percent fall in September quarter net profit,
while Allahabad Bank shares fell 2.3 percent after
reporting a 52 percent fall in July-September net profit.
Jubilant Foodworks fell 2.2 percent after Morgan
Stanley downgraded the stock to "equal-weight" from overweight",
citing a recent out-performance in the shares and an absence of
For additional stocks on the move double click
FACTORS TO WATCH
* Euro hits 2-month low versus dollar on Greece worry
* Oil down near $105 on Sandy, dollar strength
* European shares fall as U.S. election looms
* 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; Additional reporting by Manoj Dharra)