Asia Market Reports

Nikkei 225 Hang Seng Bse Sensex S&P/ASX 20

Indian Market Ends Higher On Firm Global Cues  After three consecutive days of losses, the Indian market rose notably on Tuesday, with steadycrude prices and strong global cues offering support. Crude futures were slightly lower in Asiantrading today after Japan said it would release an additional 22 days worth of crude oil from privately-held reserves to aid quake-and tsunami-stricken areas. Most Asian stocks posted modest gains on Tuesday, buoyed by strong gains on Wall Streetovernight amid reports of steady progress in stabilizing the Japan's quake-crippled Fukushima nuclear plant. The Japanese market, which remained shut yesterday for a public today, climbed4.36 percent today. European markets also moved slightly higher in early trading, extending gains into a fourth straight session, and the Dow futures pointed to a positive start for Wall Street later in the global day. Thedollar fell to a 4-1/2 month low against the euro after Jean-Claude Trichet, president of theEuropean Central Bank (ECB), once again signaled that an interest rate increase is coming in April. Closer home, the benchmark 30-share Sensex moved in a range of 18,041- 17,879 before ending off the day's high at 17,988, up about 150 points or 0.84 percent. With lingering worries over high inflation and rising interest rates prompting investors to take some profits at higher levels, the 50-share Nifty pared some of its early gain to end 49 points or 0.92 percent higher at 5,414. Second-line stocks posted modest gains and the market breadth was fairly positive, with 1555 gainers versus 1294 decliners on the BSE. Battered realty stocks saw widespread buying. DLF climbed over 3 percent, Indiabulls Real Estateadvanced 2.5 percent and Parsvnath Developers rose 2 percent. Banking stocks such as Punjab National Bank, Axis Bank, SBI, Bank of India and Yes Bank rose by 1-2 percent after the government tabled the banking law amendments bill in Parliament today. In the healthcare sector, Aurobindo Pharma, Divis Labs, Ipca Laboratories, Fortis Healthcareand Opto Circuits rose by 2-3 percent after the government rolled back a proposed five percent tax on healthcare, which many called the misery tax as it would have made treatment more expensive. Among consumer durable stocks, Whirlpool climbed 6 percent, VIP Industries added 2 percent and Titan Industries rose 0.75 percent after the Union Cabinet approved a 6 percent hike in dearness allowance to central government employees and pensioners. Gitanjali Gems gained 1.81 percent on reports about business restructuring. Sugar stocks such as Bajaj Hindusthan (up 2.55 percent), Balrampur Chini (up 1.78 percent),Dhampur (up 4.43 percent) and Shree Renuka (up 3.07 percent) closed sharply higher on the buzz that the government will allow sugar exports soon. Sesa Goa added 1.51 percent after the Vedanta Group firm acquired the assets of Bellary Steel's upcoming steel plant for Rs.220 crore. Cairn India rose 1.26 percent after its parent firm Cairn Energy reported record revenue in 2010. Heavyweight Reliance Industries rose 1.11 percent. Emami, which is keen on acquiring Henkel AG's 51 percent stake in Henkel India, closed up 2.73 percent. Jyothy Laboratories, which is eying a controlling stake in Henkel India, advanced 2.26 percent. IndusInd Bank closed half a percent higher on reports that it is buying Deutsche Bank India's credit card business. Lanco Infratech soared 6 percent after the company said it has emerged as the largest independent power producer in India. Patel Engineering rallied 4.64 percent after winning a road construction contract worth Rs.160.69 crore. In the auto pack, Maruti Suzuki India advanced 3.58 percent after the company said it would consider different measures to counter currency fluctuations. Tata Motors added 1.22 percent,Mahindra & Mahindra rose 1.66 percent and Hero Honda Motors ended up half a percent, whileBajaj Auto eased marginally. IT stocks such as Wipro and TCS closed on a mixed note with little change. Among metal stocks,Sterlite Industries rose a percent, Hindalco edged up 0.39 percent and Tata Steel added half a percent. Telecom giant Bharti Airtel rose 2.68 percent and its rival Reliance Communication ended up 0.6 percent. Mundra Port and Special Economic Zone closed unchanged after it won a bid to develop a coal import terminal at Visakhapatnam.