Indian Stocks Advance In Early Trade; GSK Consumer Climbs 20%
By IB Times Staff Reporter | November 26, 2012 5:47 PM EST
Indian stock markets advanced slightly in early trade on Monday, led by gains from healthcare, consumer durables and metal sector shares.
The 30-share BSE Sensex gained 0.17 percent or 32.09 points to 18538.29 and the 50-share NSE Nifty rose 0.06 percent or 3.60 points to 5630.35.
Markets opened on a positive note, tracking gains from Asian peers. Asian stock markets advanced as investors remained optimistic of a Greek bailout. Euro zone finance ministers are set to meet on Monday in order to continue the negotiations on Greece’s next tranche of bailout. Euro zone finance ministers failed to clinch a deal to unblock the next tranche of financial aid to debt-laden Greece after nearly 12 hours of talks in Brussels last Tuesday.
Among the sectoral indices, healthcare, consumer durables and metal sectors gained more than 0.9 percent while PSU and banking sectors declined 0.54 and 0.29 percent respectively.
GlaxoSmithKline Consumer Healthcare Ltd. climbed 20 percent after its foreign parent GlaxoSmithKline Plc announced that it is planning to raise its stake in its Indian arm to 75 percent from 43.2 percent.
In the metal sector, Sterlite Industries surged 2.54 percent and Hindustan Zinc gained 2.44 percent while Tata Steel advanced 1.96 percent.
Jet Airways Ltd. surged 11.39 percent Monday after climbing 16 percent in the previous session on speculation that Middle-Eastern carrier Etihad Airways might buy 24 per cent in the company.
United Spirits Ltd. gained 3.72 percent as the company stocks were upgraded to “buy” rating from a “neutral” rating with a price target of Rs. 2,200 at Nomura.
The overall market breadth was positive with 1331 advanced against 924 declines. The BSE's Midcap Index gained 0.61 percent to 6637.65 and Smallcap Index advanced 0.69 percent to 7106.04. CNX midcap Index gained 0.49 percent and CNX IT rose 0.67 percent.
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