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Indian shares up 1.1 pct; banks lead

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  1. #1
    sirfpaisa
    sirfpaisa is offline eTI Iron

    Indian shares up 1.1 pct; banks lead

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    * Banks top gainers; SBI up 3 pct, ICICI up 1.1 pct

    * Tata Steel up 3.1 pct as Oct India sales rise 38 pct

    (Updates to late morning) MUMBAI, Nov 6 (Reuters) - Indian shares rose more than 1
    percent on Friday morning, with banks leading the gains as
    markets around Asia rose on expectations that U.S. jobs data
    would reinforce signs of economic recovery. State Bank of India (SBI.BO: Quote, Profile, Research) was up 3 percent and ICICI
    Bank (ICBK.BO: Quote, Profile, Research) 1.1 percent, with sentiment improving after
    Standard & Poor's said on Thursday banks would gain more than
    they would lose from tighter loan provisioning requirements. On Oct 27, the Reserve Bank of India (RBI) said banks had
    to increase the minimum provision ratio for bad debts to 70
    percent by September 2010.

    S&P said the changes would boost banks' provisioning
    cushions and bring coverage ratios in line with their major
    Asian peers.

    People made too much out of RBI's direction to increase
    provisioning on NPAs (non-performing assets)," said Manish
    Sonthalia portfolio manager for portfolio management services
    at Motilal Oswal. The profits of the bank will be hit, but the impact is
    overplayed," he said, adding that he is positive on select
    banking stocks including SBI and ICICI. At 11:56 a.m. (0626 GMT), the 30-share BSE Index .BSESN
    was up 1.1 percent at 16,244.71, with 25 of its components
    rising.

    Market should head higher after correcting recently, as
    broadly the fundamentals stay positive," Sonthalia said.

    Third-quarter results should be much better than a year
    before and we may see an earnings upgrade after that," he
    added. Energy giant Reliance Industries (RELI.BO: Quote, Profile, Research) was up 1.2
    percent at 1,962.60 rupees. The stock fell abut 20 percent in
    10 sessions from Oct. 20, hitting a 3-½ month low on Tuesday,
    but has since risen about 8 percent.

    "Although the next 2 months are likely to be volatile, for
    investors with a 12 month or longer-term view, the stock is
    attractively priced," Neil Beveridge and Angus Chan, analysts
    with Sanford C. Bernstein, which has an 'outperform' rating on
    the stock, said in a note. Tata Steel (TISC.BO: Quote, Profile, Research), the world's No. 8 steelmaker, was up
    3.1 percent at 499.60 rupees, after steel sales at its Indian
    operations rose an annual 38 percent in October.
    [ID:nDEL276973]

    In the broader market, gainers were 3.5 times the number of losers in a volume of
    183 million shares.

    The 50-share NSE index .NSEI was up 1.2 percent at 4,822.70.

    STOCKS ON THE MOVE

    * Tata Chemicals (TTCH.BO: Quote, Profile, Research) was up 1 percent at 267 rupees,
    after a senior company official said it expects its fertiliser plant in the northern state of Uttar Pradesh to start
    commercial production by mid 2010. [ID:nBOM269495]

    * Telecom major Bharti Airtel (BRTI.BO: Quote, Profile, Research) was up 1.4 percent
    at 323.90 percent, after the recent meltdown in its stock due
    to disappointing results and a pricing war in the sector.

    The stock is still down nearly 23 percent since the end of September.

    MAIN TOP 3 BY VOLUME

    * Suzlon Energy (SUZL.BO: Quote, Profile, Research) on 13.4 million shares

    * IFCI (IFCI.BO: Quote, Profile, Research) on 8.8 million shares

    * Reliance Natural Resources (RENR.BO: Quote, Profile, Research) on 6 million shares

    FACTORS TO WATCH
    * For technical analysis double click on www.reutersindia.net
    * India rupee report
    [INR/]
    * India bond report
    [IN/]
    * Dollar holds ground before jobs data, Aussie firms [FRX/]
    * Oil rises toward $80, eyes on U.S. October jobs data
    [O/R]
    * Asia stocks, oil rise ahead of US job numbers [MKTS/GLOB]
    * Wall St rallies on economic data, Cisco [.N]
    * For closing rates of Indian ADRs INADR

  2. #2
    priya0710
    priya0710 is offline eTI Iron
    Indian share market is a diversified market consists of stocks belonging to different sectors like pharma, IT, telecommunication and more. Depending upon needs and tracing goals traders can carefully pick their stocks in which they should trade.

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