By RTT News, March 04, 2013, 11:38:00 PM EDT
(RTTNews.com) - Indian shares rose on Tuesday after Finance Minister P Chidambaram said the government will soon announce more measures to boost exports and investment. Meanwhile, Moody's Investors Service said in a report that the Budget offers a "realistic" plan to meet the country's fiscal deficit target.
Asian stocks are gaining across the board on expectations major central banks around the world will continue to maintain a dovish stance to boost their economies and as China maintained its economic growth target of 7.5 percent for this year.
The benchmark BSE Sensex and the broader Nifty index are currently up about 0.7 percent each, while the BSE mid-cap and small-cap indexes are rising 0.8 percent and 0.5 percent, respectively.
Energy giant Reliance Industries is adding 1.6 percent on reports the Defense Ministry has allowed the company to carry out exploration in the KG-D6 gas block and discovery block of NEC-25 in the Bay of Bengal, subject to certain conditions.
Software services exporters like TCS, Infosys and Wipro are up over a percent each, while private sector lender ICICI Bank is gaining 2.5 percent and Tata Motors, India's largest automaker, is up 2.8 percent.
GMR Infrastructure is rallying 2.9 percent as it signed a pact to sell its entire 70 percent stake in GMR Energy (Singapore) for Singapore$660 million. Allcargo Logistics is gaining 0.4 percent after closing its buyback offer.
Sugar stocks are gaining ground on reports the government is considering lifting curbs on the industry by next week. Balrampur Chini is moving up 2.5 percent, Dhampur Sugar is climbing 3.5 percent and Shree Renuka is up 2.3 percent.
Natco Pharma is rallying 4.7 percent after the Intellectual Property Appellate Board upheld the grant of compulsory license issued to the company for selling generic copies of Bayer's cancer drug Nexavar. Mahindra & Mahindra is trading flat amid reports it plans to launch a new compact truck.
Indian shares edged lower on Monday, mirroring weakness in Asian and European equities as U.S. budget cuts kicked in and data out of the euro zone and China underlined concerns over the global economic outlook. The BSE Sensex slipped 0.2 percent, while the broader Nifty index lost 0.4 percent.
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