(RTTNews.com) – Indian shares extended Tuesday’s rally, mirroring firm Asian cues after the Dow industrials hit a record high overnight on signs of continuing U.S. economic recovery.
The benchmark BSE Sensex is currently up 65 points or 0.34 percent at 19,208, while the broader Nifty index is at 5,800, up 16 points or 0.27 percent from its previous close. High-beta realty and capital goods stocks are leading the gainers, while FMCG, consumer durable and healthcare stocks are subdued.
Tata Motors is gaining 1.2 percent after its unit Jaguar Land Rover unveiled plans to increase investment in a new engine manufacturing center in the U.K. by more than 40 percent to over 500 million pounds. DLF is rising 1.5 percent ahead of a board meet today to consider share sale to meet the minimum public shareholding norms.
Jet Airways, Kingfisher Airlines and SpiceJet are up 1-3 percent amid reports the Finance Ministry is likely to consider Malaysian budget carrier AirAsia’s proposed joint venture to launch an airline in India today.
ICICI Bank is up 0.4 percent as it received capital repatriation aggregating $100 million from its wholly-owned British subsidiary. Videocon Industries is moving up 0.6 percent as it launched an auction to sell its 10 percent stake in the Rovuma, Mozambique gas field.
Dish TV India is adding 1.2 percent after it received board approval to divest investments in its Singapore arm. Welspun Projects is rallying 7 percent after the company entered into an agreement to transfer 72 percent EPC order book of the company to Leighton Welspun Contractors through an all-stock deal.
Mahindra & Mahindra is losing 1.2 percent after the utility vehicles manufacturer said it would offload 34 lakh shares in Mahindra Holidays & Resorts through the Offer for Sale route tomorrow.
AstraZeneca Pharma India is plunging 8 percent after its promoter AstraZeneca Pharmaceuticals AB Sweden decided to dilute its shareholding in its Indian arm to comply with the minimum public shareholding norms.
Benchmark indexes Sensex and the Nifty rose about 1.5 percent each on Tuesday after Finance Minister P Chidambaram said the government will soon announce more measures to boost exports and investment. Global cues were very supportive as Federal Reserve Vice Chairman Janet Yellen came out in support of Chairman Ben Bernanke’s efforts to keep interest rates low and China vowed to boost spending and maintain a prudent monetary policy in 2013.
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