Indian Shares Modestly Higher Before RBI Meet

By RTT News, 
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(RTTNews.com) - Indian shares are modestly higher on Tuesday ahead of the central bank's monetary policy review later in the day. The Reserve Bank of India is widely expected to keep interest rates unchanged amid concerns that disappointing monsoon rains may lead to a surge in food prices.

The other Asian markets are trading mostly lower after a private sector survey showed growth in China's services sector slipped to its lowest level in nearly nine years in July, reflecting the impact of a continued slowdown in the property market.

The benchmark S&P BSE Sensex is currently up 43 points or 0.17 percent at 25,767, while the broader CNX Nifty index is at 7,695, up 11 points or 0.14 percent from its previous close.

Among prominent gainers, Mahindra & Mahindra, Hindalco Industries, Infosys, Bajaj Auto, ONGC and Sun Pharma are up 1-2 percent.

ITC is moving up 0.3 percent after raising the prices of select cigarette brands by up to Rs 10 per pack.

Syndicate Bank is gaining a percent. The government suspended its Chairman and Managing Director S K Jain, two days after CBI arrested him on bribery charges.

Financial Technologies is rising 1.2 percent and MCX is rallying 3.8 percent. The Mumbai police filed a 9,360-page chargesheet against Jignesh Shah, a prime accused in the Rs 5,600-crore NSEL fraud.

Aurobindo Pharma is adding 1.4 percent on a report it expects to achieve $2 billion turnover in the current fiscal.

Jet Airways is rising 0.2 percent while IndusInd Bank is edging down 0.2 percent after they joined hands to launch a co-branded credit card.

Indian Bank shares are declining 0.4 percent. The public sector lender revised interest rates on its foreign currency non-resident (Banking) deposits with immediate effect.

Sesa Sterlite is marginally lower. The Supreme Court has asked the mining company to pay entry tax to the tune of Rs 10 crore within two weeks and remaining Rs 19.76 crore by the end of four weeks, failing which the Orissa government can take all steps including coercive action to recover the amount.

Hero MotoCorp is losing 1.4 percent and Bank of India is down 0.3 percent ahead of their quarterly results today.

NMDC is declining 0.3 percent after announcing production and sales figures for the four months period ended July.

Tata Communications is tumbling 1.8 percent on disappointing Q1 results.

Raymond is moving down 0.2 percent on fund raising reports.

Indraprastha Gas is losing 0.8 percent. The company received board approval to invest Rs. 190 crore in Maharashtra Natural Gas by acquiring five crore shares from institutional investors.

The benchmark indexes Sensex and Nifty rose about a percent each on Monday, as investors assessed the implications of mixed U.S. jobs data on U.S. monetary policy and news of a bailout for a crisis-hit Portuguese bank eased worries about strains on the European banking system.

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