Indian Shares Rise On Global Cues; Nifty Reclaims 8500


(RTTNews.com) – The Indian markets opened higher on Tuesday, tracking firm U.S. cues and a mostly positive trend across Asia this morning amid speculation that global liquidity will remain benign even if U.S. rates were hiked.

The benchmark BSE Sensex is currently up 100 points or 0.36 percent at 28,076, while the broader Nifty index is up 30 points or 0.35 percent at 8,522.

Among the prominent gainers, Reliance Industries, Dr Reddy’s Laboratories, BPCL and Sesa Sterlite are up 2-4 percent.

Magma Fincorp is rallying 2.7 percent after raising Rs 500 crore from a clutch of investors.

Bharti Airtel, Idea Cellular and Reliance Communications are up 1-2 percent. Telecom operators are expected to gradually increase rates to recover Rs 1.1 lakh crore they bid for spectrum in the auction that concluded last week, Moody’s said.

Hinduja Global Solutions is rising 1.2 percent after it acquired a majority stake in U.S.-based Colibrium Partners and Colibrium Direct (Colibrium) for an undisclosed amount.

Ashok Leyland is gaining 1.2 percent. The Hinduja Group flagship firm announced that it had sold its entire stake in Avia Ashok Leyland Motors S.R.O. to an unnamed strategic investor for $ 11 million.

Pidilite Industries is adding a percent. The company said it would invest up to Rs 100 crore in Nina Waterproofing Systems.

SBI is little changed with a positive bias. The state-run lender said it had received approval for divestment of up to 10 percent stake in private life insurer SBI Life Insurance.

Private sector banks such as ICICI Bank, HDFC Bank and Axis Bank are marginally lower. The Reserve Bank of India on Monday relaxed provisioning rules against bad loans by allowing lenders to set aside up to 50 percent of floating provisions against the prevailing 33 percent.

NTPC is losing a percent after foraying into hydroelectric generation.

The benchmark indexes Sensex and Nifty both jumped about 1.9 percent each on Monday, snapping eight days of losses, after Federal Reserve Chair Janet Yellen emphasized the return to normal interest rates will be gradual because of persistent slack in the labor market.

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