Market Commentary and Intraday News
Indian Shares Modestly Higher Ahead Of RBI Meet
207 days ago
(RTTNews) - Indian shares are posting modest gains on Tuesday ahead of the monetary policy announcement by the Reserve Bank of India. Asian markets are also trading mostly higher despite data showing contraction in Japanese industrial production.
Japan's industrial output declined a seasonally adjusted 4.1 percent from the previous month in September, the Ministry of Economy, Trade and Industry said in Tuesday's preliminary reading.
That missed expectations for a contraction of 3.1 percent following the 1.6 percent decline in August. On a yearly basis, industrial production plummeted 8.1 percent - also missing forecasts for a fall of 7.1 percent.
Paring early gains, the benchmark BSE Sensex and the broader Nifty index are currently up about 0.1 percent each. Second-line stocks are outperforming, with the BSE mid-cap and small-cap indexes rising about 0.2 percent each. IT, realty and banking stocks are witnessing stock-specific buying, while consumer durable, capital goods, power, oil/gas and auto stocks are subdued.
Colgate-Palmolive India is gaining 0.9 percent after reporting a 46 percent rise in second-quarter net profit. Grasim Industries is moving down 0.6 percent despite posting solid results for the September quarter. Axis Bank is up 0.6 percent as the private sector lender raised $25 million by issuing senior notes in the international market.
Dr Reddy's Laboratories is moving up 0.9 percent while shares of Maruti Suzuki India are down 0.7 percent ahead of their quarterly results today. Kingfisher Airlines is gaining 0.9 percent ahead of a meeting with its lenders today.
Reliance Communication is adding 0.6 percent after telecom tribunal TDSAT reportedly set aside DoT's order that imposed a Rs 1.51-crore penalty on the company for alleged delay in submission of subscriber data.
Tata Motors is edging up 0.3 percent after China cleared a proposal which will see Jaguar Land Rover set up a joint venture with domestic company Chery Automobile. Fortis Healthcare is gaining 0.8 percent after unveiling expansion plans.
ACC is losing 0.7 percent on amalgamation news. Suzlon Energy is declining half a percent on reports it is mulling debt restructuring. Apollo Tyres is edging down 0.2 percent on fund raising reports.
Benchmark indexes Sensex and the Nifty ended little changed on Monday, mirroring losses elsewhere across Asia and Europe and lower commodity prices after both NYSE and Nasdaq announced the suspension of equity trading due to Hurricane Sandy.
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