Positive global cues lift Indian shares

Positive global cues lift Indian shares

Mumbai: Buying in consumer durables, information technology and real estate stocks helped Indian stocks extend their gains on Thursday morning. Helping the sentiment is the overnight data from the US, which pointed to improving job market.

This helped Asian markets open with gains on Thursday morning on expectations that the improving US economy will bode well for exporters.

Meanwhile after easing for the last couple of trading sessions Brent crude prices gained $0.36 to $115.49 as Gaddafi’s forces gained ground against rebels.

Sensex: 19,396 +0.55%

Nifty: 5,813 + 0.44%

Except metal and automobiles, all sectoral indices are trading with gains on the BSE. Investors are buying software stocks ahead of the fourth quarter earnings season. Leading software exporter TCS has pointed towards improving pricing scenario for IT services. Real estate stocks continued their pull back on Thursday. Daiwa Securities advised its clients to buy DLF stocks on increasing hiring in India.

BSE Consumer Durables: 6,351 +1.56%

BSE IT: 6,477 +0.82%

BSE Realty: 2,329 +0.62%

New order gains also lifted shares of KEC International and Welspun Corp. KEC International surged in morning deals after it said that it got orders worth Rs800 crore. Welspun Corp also reported new pipe orders worth Rs1,182 crore. According to Reuters, these new orders are to be executed over a period of one year.

KEC International: 85 +5.61%

Welspun Corp: 204 +3.13%