(RTTNews.com) – Indian shares rose on Wednesday, mirroring strong global cues, with upbeat economic data from the United States and continued hopes for easy monetary policy in Japan and elsewhere underpinning sentiment. The Dow average hit a record high overnight, spurring rally across Asia and Europe today.
Meanwhile, India’s economic growth in February expanded at a faster rate than China, even as emerging market economies witnessed a moderation in growth, an HSBC survey said. The HSBC composite index for India, which maps both manufacturing and services sectors, came in at 54.8 in the month, while it stood at 51.4 for China.
Extending gains for a second consecutive session, the benchmark BSE Sensex ended the session up 109 points or 0.57 percent at 19,253. The broader Nifty index rose by 34 points or 0.59 percent to 5,819. Second-line stocks posted strong gains, with the BSE mid-cap and small-cap indexes rising 1.1 percent and 1.5 percent, respectively.
Kingfisher Airlines rose a percent and Spicejet rallied 4.3 percent after Malaysian budget carrier AirAsia’s received the finance ministry approval to set up domestic airline in partnership with the Tata Group and Telespectra.
Larsen & Toubro gained 2.9 percent on a brokerage upgrade. Metal stocks like Tata Steel, Hindalco and Sterlite rose 3-5 percent on expectations of more growth in China, the world’s top consumer of industrial metals.
Realty stocks gained the most on growing hopes the Reserve Bank of India will cut interest rates at its policy meeting later this month. DLF jumped 3.9 percent ahead of a board meet today to consider share sale to meet the minimum public shareholding norms. Unitech advanced 3.2 percent and Indiabulls Real Estate soared 6.2 percent.
ICICI Bank added 1.4 percent as it received capital repatriation aggregating $100 million from its wholly-owned British subsidiary. SBI rose 2 percent, while HDFC Bank edged down marginally.
Ranbaxy Laboratories rose 2.6 percent after its U.S. arm entered into an in-licensing agreement with Alembic Pharmaceuticals to sell anti-depressant desvenlafaxine in the United States. Dish TV India closed up 0.7 percent after it received board approval to divest investments in its Singapore arm.
Bhel gained 2.1 percent, snapping a four-day losing streak. IT stocks Infosys, TCS and Wipro rose about 2 percent each after overnight data showed the U.S. service sector expanded at its fastest pace in a year in February, helped by higher sales and a rise in new orders.
MMTC tumbled 5.2 percent on divestment reports. Mahindra & Mahindra fell 2 percent after workers at its Nashik plant threatened to go on a strike.
AstraZeneca Pharma India plunged 6.6 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.
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