Tuesday May 13, 06:35 AM
Indian shares open slightly higher on Asian cues, as oil prices ease
MUMBAI (Thomson Financial) - Indian shares opened little higher on Tuesday amid easing oil prices, mixed Asian cues and overnight Wall Street gains, as selective buying in the last hour on Monday extended this morning after five sessions of losses in the last week, dealers said.
At 10:10 a.m., the 30-share benchmark Sensex of the Bombay Stock Exchange (BSE) was up 125.74 points, or 0.75 percent, at 16,986.64 points and the broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was up 0.57 percent at 5,041.30 points. But dealers do not see substantial upside in the market as investors will cash out at every rise in individual stock levels, they said.
Meanwhile world oil prices, which more than doubled in the past year and have rocketed about 25 percent since the start of 2008, eased on Tuesday to less than $124 a barrel on profit-taking, dealers said.
The Indian rupee continued to weaken against the U.S. dollar as it breached 42 rupees on Monday after about a year, closing at 42.05/06.
On the equities front, 23 Sensex shares advanced led by engineering company Jaiprakash Associates Ltd., which became a Sensex component on March 14. It rose 2.80 percent to 253.30 rupees and Satyam Computer Services Ltd., India's fourth-biggest software exporter, rose 2.35 percent to 501.05 rupees.
Tata Group company Tata Steel Ltd. climbed 2.01 percent to 859.70 rupees and Reliance Infrastructure Ltd., formerly known as Reliance Energy (Berlin: BVT.BE - news) , edged up 1.98 percent to 1,383.90 rupees.
ICICI Bank Ltd., India's biggest private lender, was up 1.70 percent at 893.30 rupees and DLF Ltd., India's leading property developer, gained 1.70 percent to 632.50 rupees.
Reliance Industries Ltd (Stuttgart: 884241 - news) ., India's most valued company, was up 0.37 percent at 2,563.90 rupees.
Engineering (Milan: ENG.MI - news) and construction major Larsen & Toubro Ltd. advanced 1.59 percent to 2,880.00 rupees and Reliance Communications Ltd., which on Monday said it entered into a joint venture with French-American telecom equipment provider Alcatel (Paris: FR0000130007 - news) -Lucent to manage its telecom network services, edged up 00.83 percent to 554.50 rupees, dealers said.
ITC Ltd. was the top loser, dipping 1.07 percent to 221.40 rupees and Bharti Airtel Ltd., India's biggest telecom company, fell 0.95 percent to 830.30 rupees after news reports suggested it might face competition from Dubai-based Emirates Telecommunications in its bid to acquire controlling stake in South Africa's MTN Group, dealers said.
India's largest gas transmission and marketing company Gail India Ltd., which will report its fiscal-year results today, was unchanged at 415.80 rupees.
The realty index was the top gainer among the 13 BSE sector indices, advancing 2.63 percent, followed by the consumer durables index, which was up 2.54 percent.
The consumer goods gauge was the only loser, falling 0.21 percent.
In the broader market there were about 4 advances for every stock that declined on a volume of 48.5 million shares.
Aluminium producer Hindalco Industries Ltd (Berlin: HID.BE - news) . was the top gainer among Nifty companies, rising 4.09 percent to 182.05 rupees while Cairn India Ltd. was the top loser, falling 2.62 percent to 293.85 rupees.
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