MUMBAI, June 10 (Reuters) – Indian shares climbed 0.6
percent on Thursday, in tandem with a recovery in Asian markets
after robust Chinese exports underlined strong growth, but
investors were hesitant to build large positions.
Until the debt problems in the euro zone are resolved and
foreign funds resume investment, the market will find it hard
to push ahead, traders said.
Energy conglomerate Reliance Industries (RELI.BO) topped
the gainers after the Economic Times reported it was looking to
enter the telecoms market when the opportunity arises, with a
focus on selling phone and Internet services to companies.
[ID:nSGE65903K]
Bharti Airtel (BRTI.BO) climbed 1.7 percent after a top
official told Reuters the leading mobile operator would offer
affordable rates in Africa to boost usage but has no plan to
launch a price war. [ID:nSGE6580JD]
By 10:30 a.m. (0500 GMT), the 30-share BSE index .BSESN
was trading up 0.63 percent at 16,762.69, with 27 of its
components advancing.
“The turbulence in Europe needs to settle before any
meaningful buying happens to drive the market higher,” said R.
Ganesh, director of Systematix Shares.
Foreign funds are net buyers of about $84 million of stocks
so far this month after dumping nearly $2 billion in May. The
benchmark stock index is down more than 4 percent in the year
to date.
Traders Federal Reserve Chairman Ben Bernanke’s assurance
on Wednesday that the U.S. economic recovery was on solid
footing helped sentiment.
Reliance Industries, which has the highest weight on the
Sensex, climbed 0.5 percent to 1,011.90 rupees.
Financials gained on positive outlook for loan demand in
the world’s second-fastest growing major economy.
No. 1 lender State Bank of India (SBI.BO) rose 1.9 percent
while HDFC Bank (HDBK.BO) climbed 0.8 percent. Mortgage lender
Housing Development Finance Corp (HDFC.BO) firmed 1.2 percent.
In the broader market, nearly three shares advanced for
every share that declined on volume of 74 million shares.
The 50-share NSE index was up 0.6 percent at
5,032.25.
The MSCI’s measure of Asian markets other than Japan
.MSCIAPJ and Japan’s Nikkei .N225 were each up 0.9 percent.
STOCKS ON THE MOVE
* Non-ferrous metals producer Sterlite Industries (STRL.BO)
was down 0.8 percent at 624.55 rupees, as London copper dipped
0.7 percent. [ID:nSGE65906Z]
* Oil explorer Cairn India (CAIL.BO), an unit of Cairn
Energy (CNE.L), climbed 1.1 percent to 293.70 rupees as crude
oil prices climbed towards $75 a barrel.
MAIN TOP 3 BY VOLUME
* Unitech (UNTE.BO) on 3.2 million shares
* IFCI (IFCI.BO) on 2.2 million shares
* KPIT Cummins (KPIT.BO) on 1.9 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Aussie jumps after strong data, giving euro a lift
[FRX/]
* US crude rebounds towards $75 on China exports
[O/R]
* Asia stocks rise, euro steady on China data
[MKTS/GLOB]
* Wall St slides as BP plunge hurts sentiment
[.N]
* For closing rates of Indian ADRs
INADR
