By RTT News, October 18, 2013, 12:34:00 AM EDT
(RTTNews.com) - Indian shares rose on Friday, tracking firm Asian cues after data showed China's economic growth accelerated for the first time in three quarters, adding to signs the global economy is gathering momentum. The Indian rupee opened slightly higher at 61.18 per dollar on selling of the American currency by banks and exporters amid speculation that short-term fiscal uncertainties in Washington would delay a stimulus tapering.
The benchmark BSE Sensex is currently up 194 points or 0.95 percent at 20,609, with 28 of its components advancing. Financials are gaining ground, with HDFC Bank, HDFC, SBI and ICICI Bank rising 2-3 percent.
Energy giant Reliance Industries is moving up 1.5 percent, Tata Motors, India's largest automaker, is gaining 1.2 percent and state-run miner Coal India is adding a percent. The broader Nifty index is at 6,106, up 60 points or nearly a percent from its previous close.
Larsen & Toubro is moving up 0.7 percent ahead of its Q2 results today. SpiceJet is rallying 4.4 percent on reports Qatar Airways is eyeing a stake in the low-cost carrier.
Wockhardt is gaining 0.7 percent. The company said it has received communication from Medicine and Healthcare Products Regulatory Agency, United Kingdom, allowing the company to manufacture and supply certain products assessed to be critical to public health at its Chikalthana facility.
Jindal Steel and Power is adding a percent. The company is acquiring a majority stake in the Gujarat NRE Coking Coal's s Australian mining subsidiary as part of efforts to secure the supply of raw material for its steel units. Shares of Gujarat NRE Coke are up 2.3 percent.
Raymond is climbing 2.8 percent on reports it plans to offload a minority stake in its engineering arm JK Files. South Indian Bank is rising 1.9 percent on reporting a 30 percent rise in quarterly profit.
IL&FS Engineering & Construction is up nearly 3 percent on winning a Rs.150-cr contract for rural electrification works in Uttar Pradesh.
Indian shares fell for a second straight session on Thursday, with IT stocks pacing the decliners on profit taking following recent sharp gains. The benchmark Sensex ended a choppy session down 132 points or 0.64 percent at 20,416, while the broader Nifty index fell 43 points or 0.71 percent to 6,046.
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