Indian Stocks Waver in Early Trading

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By IB Times Staff Reporter | November 23, 2012 5:47 PM EST

Indian stocks markets wavered between small gains and losses in early trade on Friday despite positive Asian cues.

The 30-share BSE Sensex declined 0.06 percent or 11.45 points to 18,507.08 and the 50-share NSE Nifty fell 0.05 percent or 3.05 points to 5,624.70.

Markets opened on a flat note despite firmer Asian cues as investors wait for announcements regarding the proposed bills to liberalize the insurance, pension and banking sectors in the winter session of the Parliament which started on Thursday.

"We don't expect drastic positive moves in the first few days, but investors are keen to see whether there are solid discussions on reforms and growth," said a senior executive at an investment house, the Wall Street Journal reported.

Asian stock markets gained Friday as sentiment was buoyed after improved manufacturing figures from China and the US raised hopes of a global economic recovery. However, activity was subdued with the US markets remaining closed for Thanksgiving overnight. In addition, Japanese markets are closed Friday for a public holiday.

Among the sectoral indices, consumer durables, power and oil & gas sectors gained while PSU, realty and Banking sectors declined. Heavy weight Reliance Industries gained 0.62 percent on bargain-hunting.

Software sector shares continued to gain as the rupee continued to decline against the U.S. dollar. HCL Tech gained 1.28 percent and TCS advanced 0.23 percent while Infosys Ltd. advanced 0.50 percent.

The overall market breadth was negative with 1148 declines against 1143 advances. The BSE's Midcap Index gained 0.15 percent to 6603.53 and Smallcap Index advanced 0.29 percent to 7063.20. CNX midcap Index gained 0.14 percent and CNX IT rose 0.12 percent.

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