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Indian shares rise 1 pct early, Larsen leads

Tue Jul 7, 2009 12:34am EDT

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BANGALORE, July 7 (Reuters) - Indian shares rose 1 percent in early trade on Tuesday, a day after posting their biggest one-day drop in six months in the previous session after the annual budget disappointed investors.

Engineering and construction major Larsen & Toubro (LART.BO) and diversified ITC (ITC.BO) led the gains.

At 9:58 a.m. (0428 GMT), the 30-share BSE index .BSESN was up 0.98 percent at 14,181.65, after having risen as high as 14,186.53, with 25 of its components gaining.

The benchmark had fallen 5.8 percent on Monday after the budget fell short of expectation on infrastructure spending, ignored financial sector reforms, raised a minimum alternate tax for companies and set a paltry stake sale target, traders said.

The 50-share NSE Index was up 1.04 percent at 4,208.95. (Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)



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