BSE Sensex edges higher, after hitting lowest 2013 point
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- Hamid Karzai to seek Indian military aid amid Pakistan row
Such a plan could spark gains in domestic shares. After surging 25.7 percent in 2012, the benchmark BSE index has stalled and is up only 0.38 percent so far this year.
"Earnings season has been not bad but not good either, and now eyes are on budget which has to be responsible as exports are not looking good," G. Chokkalingam, executive director and chief investment officer, Centrum Wealth Management, said.
"You are dependent only on FII money to support current account deficit, so finance minister has to favour markets and economy, there is no other choice," he added.The benchmark BSE index rose 0.17 percent, or 32.93 points, to end at 19,501.08, recovering from its lowest close since Dec. 31, 2012, hit on Friday. The broader NSE index rose 0.18 percent, or 10.80 points, to end at 5,898.20.The gains were led by a pick-up in shares where selling was seen as overdone. Larsen & Toubro Ltd gained 1.7 percent after having fallen 6.35 percent as of Friday's close.
State Bank of India gained 1.3 percent. Its shares have fallen 8.4 percent so far this month as on Friday's close, after Oct-Dec earnings disappointed.
Among other gainers, shares in DLF Ltd rose 5 percent, after vice chairman Rajiv Singh indicated earnings would improve and said net debt would fall, according to analysts who attended the company's post-results analyst meeting on Friday. Public sector companies MMTC Ltd and Hindustan Copper Ltd gained 8.2 percent and 3.7 percent respectively on hopes of good demand in the upcoming stake sales by the government.
The government is yet to provide a time frame for the stake sales.
India will allow wireless broadband airwave holders to provide voice services if they pay an additional $306 million, a senior government official said on Monday, a move likely to boost billionaire Mukesh Ambani's Reliance Industries Ltd . Reliance shares ended 0.2 percent higher.
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