Indian Shares Erase Early Losses

(RTTNews) - The Indian markets erased early losses on Monday despite weak Asian cues as disappointing Chinese trade data and tensions over Ukraine keep investors on the edge.

After breaching the crucial 22,000 mark in early trading, the benchmark S&P BSE Sensex is currently up 38 points or 0.18 percent at 21,958. The broader CNX Nifty index, meanwhile, is at 6,541, up 14 points or 0.22 percent from its previous close.

Axis Bank, SBI, Bharti Airtel, HDFC Bank, Reliance Industries, Larsen & Toubro and BHEL are up 2-3 percent, while Dr Reddy's Laboratories, TCS, Infosys, Coal India and Hindalco are down about 2 percent each.

Reliance Industries is climbing 2.4 percent despite Aam Admi party leader and lawyer Prashant Bhushan filing another petition in the Supreme Court seeking an "urgent" stay on hike in price of gas produced from the company's D-6 block in the Krishna-Godavari basin. ONGC shares are moving up 0.2 percent.

Maruti Suzuki is adding a percent. The country's largest car maker announced that it would proceed with its plans to transfer the proposed Gujarat plant to Suzuki despite criticism from shareholders.

Indian Oil Corp is also gaining a percent. The state-run oil firm has signed a pact to buy a 10 percent stake in Malaysian firm Petronas' shale-gas and liquefied natural gas project in British Columbia for $900 million.

NTPC is gaining 0.9 percent after the state-run filed a writ petition in the Delhi High Court, challenging the tariff guidelines issued by Central Electricity Regulatory Commission for power plants.

Ranbaxy shares are tumbling 3 percent. The nation's largest pharmaceutical firm said it is proactively recalling two batches of its generic version of Pfizer's Lipitor drug in the United States owing to a potential dose mix-up.

Tata Power Company is edging down 0.3 percent after its board finalized the terms of a proposed rights issue.

The benchmark indexes Sensex and Nifty jumped about 4 percent each last week, extending gains for the third straight week, led by strong buying support from foreign funds as investors bet on a stable government that may give reforms a push.