By RTT News, October 21, 2013, 12:33:00 AM EDT
(RTTNews.com) - Indian shares rose modestly on Monday, extending last week's gains, on renewed buying by foreign institutional investors. With fiscal uncertainty affecting U.S. consumer confidence, investors are pinning hopes that the U.S. Federal Reserve will continue trying to prop up the world's largest economy.
The markets elsewhere across Asia are trading mostly higher, taking cues from Wall Street where the S&P 500 closed at a record high for the second straight session on Friday following better than expected earnings from big-name companies like Google Inc., General Electric and Morgan Stanley.
Investors look ahead to the release of a slew of U.S. economic reports this week, with the September jobs report due on Tuesday. The report, originally due on October 4, was delayed due to the government shutdown.
Closer home, the benchmark BSE Sensex is currently up 82 points or 0.39 percent at 20,965, with 21 of its components advancing. The broader Nifty index is at 6,214, up 25 points or 0.4 percent from its previous close.
Larsen & Toubro is climbing 4 percent after posting better than expected Q2 results. Hindalco Industries is rallying nearly 3 percent after Prime Minister Manmohan Singh defended the allocation of Talabira II coal block to the company.
Maruti Suzuki is gaining 3.1 percent, Tata Motors is moving up 2.4 percent, SBI and ICICI Bank are up about 1.3 percent each, Tata Power is adding a percent and BHEL is gaining half a percent.
CRISIL is rising 2.3 percent after its Q3 profit nearly doubled on the back of an exceptional gain of Rs 66 crore on sale of stake in IISL.
Infosys is down 0.4 percent after state-owned life insurer LIC cut its stake in the company to 4.95 percent. HDFC is losing half a percent ahead of its quarterly results due out later in the day.
UltraTech Cement is declining 0.8 percent on disappointing quarterly results.
The BSE Sensex gained 1.7 percent last week and the Nifty rose 1.5 percent, helped by stability in the rupee vis-Ã -vis the dollar and easing concerns over Fed's stimulus tapering.
For comments and feedback: contact firstname.lastname@example.org