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Indian shares end flat; await for parliament logjam to clear
November 23, 2012 / 11:39 AM / 5 years ago

Indian shares end flat; await for parliament logjam to clear

* BSE down 0.06 pct; NSE falls 0.02
    * Hindustan Copper 4 pct stake sale fully covered
    * Drug makers retreat after government approves new pricing

    By Manoj Dharra
    MUMBAI, Nov 23 (Reuters) - Indian shares ended lower on
Friday in a volatile session, after both the houses of
parliament were adjourned on the second day of the winter
session, raising questions about the fate of proposed
    Markets will now focus on the government's ability to push
through reforms, while also paying close attention to the
country's efforts to contain its fiscal deficit, including a 4
percent stake sale in Hindustan Copper Ltd that was
fully covered. 
    Global market developments will also be key as the U.S.
Congress continues budget negotiations over the so-called 
'fiscal cliff' and the IMF and European Central Bank meet again
on Monday over aid to Greece.      
    "The focus over the next few weeks will remain on reforms
and the fiscal cliff in the US," said Phani Sekhar, fund
manager-PMS, Angel Broking. "Even the GDP data is discounted,
the key is reform measures," he said.
    The benchmark BSE index ended down 0.06 percent, or
10.77 points, to end at 18,506.57, gaining 1.08 percent for the
    The broader NSE index ended 0.02 percent lower, or
1.15 points, to end at 5626.60. It added 0.94 percent for the
    The weekly gain was the first since the week ending Nov. 2,
on value-buying for selective stocks.
    Nonetheless, markets ended on a weaker note on Friday. Drug
makers retreated a day after India approved a new drug pricing
policy designed to increase the number of drugs deemed essential
that are subject to price caps. 
    GlaxoSmithKline Pharmaceuticals Ltd fell 0.7
percent, while Cipla was down 1.4 percent.            
    Ranbaxy Laboratories Ltd fell 3.2 percent after
recalling its cholesterol-lowering drug atorvastatin in the
United States. 
    Cigarette maker ITC Ltd fell 0.8 percent on profit
booking after gaining 3 percent in the previous two sessions.
    Hindustan Copper Ltd fell by its maximum daily
limit of 20 percent, after the government set a base price of
155 rupees a share for its 4 percent stake sale, way below
Thursday's closing price of 266.15 rupees. 
    Shares in NTPC Ltd, the state-run power producer,
fell 2.75 percent after India's cabinet approved on Thursday a
9.5 percent government stake sale in the company, a minister
told reporters, to help rein in its ballooning fiscal deficit.
    Among gainers, shares in biofuels technology company Praj
Industries Ltd rose 9.6 percent and sugar firms Bajaj
Hindusthan Ltd rose 1.5 percent after the government
said it wanted to extend ethanol blending with petrol to all
states in the country from the present 13. 
    Reliance Industries gained 1.03 percent, helped by
a continued buy-back programme which ends on Jan 19.
    For additional stocks on the move double click       
   FACTORS TO WATCH                                             
* Euro rises to fresh three-week high after German IFO    
* Brent drops towards $110 on weak Europe data             
* Euro, shares gain as Greek deal seen closer        
* 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                                   
   TOP NEWS:                                                    
   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  

 (Additional reporting by Abhishek Vishnoi; Editing by Prateek

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