By RTT News, March 21, 2013, 12:34:00 AM EDT
(RTTNews.com) - Indian shares are edging higher on Thursday, tracking firm Asian cues after the U.S. Federal Reserve reiterated its commitment to continue with aggressive measures to stimulate the U.S. economy and data showing a pick-up in China's manufacturing sector soothed worries about China's recovery. Meanwhile, Cyprus' government is trying to find a new plan to raise funds needed for the country to secure an emergency bailout package, reports suggest.
The BSE Sensex is currently up 44 points or 0.24 percent at 18,929, while the broader Nifty index is at 5,714, up 20 points or 0.34 percent from its previous close. Metal, banking, IT and capital goods stocks are gaining ground, while auto stocks are retreating sharply.
Tata Motors is losing 2.4 percent, Mahindra & Mahindra is declining a percent, Bajaj Auto is down 0.9 percent and Maruti Suzuki is down 0.4 percent.
Among the prominent gainers in the Nifty pack, Bharti Airtel is up nearly 4 percent following recent losses, while Asian Paints, Ambuja Cement, Gail, Hindalco, Siemens, ICICI Bank, UltraTech Cement and Jindal Steel are up 1-2 percent.
L&T Finance Holdings is gaining 0.7 percent after its board approved the allotment of 5 crore, unlisted 8.75 percent cumulative compulsorily redeemable preference shares on a private placement basis.
Adani Power is adding half a percent as it unveiled plans to issue shares to promoters on a preferential basis. Central Bank of India is up 0.9 percent as it allotted 30.84 crore equity shares to the government on a preferential basis.
SAIL is declining 1.7 percent ahead of its offer for sale tomorrow. ITC is moving down 0.6 percent after the Maharashtra state government in its Budget presented yesterday proposed hikes in taxes on cigarettes and other tobacco products. 3M India is losing 0.9 percent after fixing the floor price for its proposed sale of shares through the offer for sale route.
Indian shares extended losses for a fourth day on Wednesday, weighed down by continued political uncertainty and worries about the Cyprus situation after the Cypriot parliament overwhelmingly rejected a tax on deposits, throwing the bailout plan for the country into disarray. The BSE Sensex fell 0.65 percent, while the broader Nifty index lost 0.9 percent.
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