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Indian shares end 8-day losing streak; rupee, monsoon session watched
August 5, 2013 / 11:30 AM / 4 years ago

Indian shares end 8-day losing streak; rupee, monsoon session watched

* BSE index gains 0.1 pct; NSE ends 0.13 pct higher
    * Financial Tech shares gain after 2-day slump
    * BHEL shares slump after April-June earnings decline

    By Abhishek Vishnoi
    MUMBAI, Aug 5 (Reuters) - Indian shares edged higher on
Monday, ending an eight-session losing streak, led by recently
hit banking and consumer goods stocks, including ITC Ltd, while
Financial Technologies also recovered from recent steep falls.
    The benchmark BSE index has fallen 5.6 percent over
the previous eight sessions since it hit a 2-1/2-year closing
high on July 23 on uncertainty about how long the Reserve Bank
of India would continue its measures to defend the rupee
 which remains close to its record low of 61.21.
    Rupee movements will remain important as investors wait for
a signal from the central bank on its liquidity tightening
measures, while any major announcements in the monsoon session
of parliament could also sway sentiment.
    "The rupee's movement, RBI's reaction to it, coupled with
clearing of bills in the parliament would be key for markets in
the short term," said Deven Choksey, managing director of KR
Choksey Securities.
    The benchmark BSE index rose 0.1 percent, or 18.24
points, to end at 19,182.26, ending an eight-day losing streak.
    The broader NSE index rose 0.13 percent, or 7.50
points, to end at 5,685.40.
    Consumer goods shares gained on value buying. ITC Ltd
 rose 0.7 percent. The cigarette maker's shares had
slumped 11.4 percent as of Friday since they hit a record high
of 380 rupees on July 24.
    Hindustan Unilever Ltd ended 0.5 percent higher
after falling 13.1 percent as of Friday since its record on July
    Among other stocks that bounced from the recent slump, ICICI
Bank Ltd rose 1.7 percent, while HDFC Bank 
ended 0.23 percent higher.
    The NSE bank sub-index has slumped 14.4 percent since the
RBI first unveiled its cash-draining measures on July 15.
    Financial Technologies (India) Ltd surged 34.3
percent, recovering from a 73 percent fall in the previous two
sessions sparked after the commodity exchange suspended trading
in most forward contracts last week. 
    Power Grid Corporation of India shares gained 2
percent after Friday's 11.2 percent fall after the company's
secondary share announcement was seen as overdone.
    TV Today Network Ltd, a local television
broadcaster, rose 20 percent after it posted a profit of 119.8
million rupees for the April-June compared with a loss of 3.5
million rupees in the same quarter a year ago. 
    Among stocks that fell, Bharat Heavy Electricals Ltd
 dropped 19.3 percent, marking its lowest close in
nearly eight years, after the company's quarterly profit dropped
49 percent on sharply lower sales in its power and industry
businesses in a slowing economy. 
   For additional stocks on the move double click        
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Stocks News US.. Stocks News Europe     
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 (Editing by Anupama Dwivedi)

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