* Benchmark BSE index gains 1.35 pct; NSE index up 1.16 pct
* Oil marketing cos, airlines up on falling crude
* ITC up 1.8 pct after falling 6.2 pct in the previous
By Indulal PM
MUMBAI, June 24 Indian shares rose over 1
percent on Tuesday, snapping a four-day losing streak as
blue-chips such as Reliance Industries gained on
continued hopes of reforms while a fall in crude oil prices also
Brent crude slipped below $114 a barrel on Tuesday, as data
showing near-record high oil exports from Iraq indicated
supplies remained unaffected by the escalating violence at
OPEC's No. 2 producer.
India imports a third of its oil needs and there were
concerns that rising crude prices may feed domestic inflation.
Firm cues from regional markets also underpinned sentiment
as improved manufacturing data from China, Japan and the United
States augured well for global growth, despite a disappointing
result from the euro zone.
The next big local trigger would be the first federal budget
of the new government, due on July 10.
"We are very optimistic the government will create a better
policy environment which will boost investor confidence. Market
is basically wanting action and are awaiting it. There was
selling in the past couple of days, but the undercurrent remains
positive," said Deven Choksey, managing director, KR Choksey
The benchmark BSE index gained 1.35 percent to
25,368.90 points, while the broader NSE index closed
1.16 percent up at 7,580.20 points.
Oil explorers led the gains with Reliance Industries Ltd
up 2.11 percent and Oil and Natural Gas Corp.
ending 1.2 percent higher on falling crude prices.
Shares in state-run oil marketing companies also gained on
hopes that a fall in international crude prices would increase
margins for these companies.
Shares in Indian Oil Corp. closed up 4.46 percent,
Hindustan Petroleum Corp. Ltd gained 7.22 percent and
Bharat Petroleum Corp. Ltd ended up 4.69 percent.
Shares in airline companies also gained with Jet Airways
closing 6.55 percent higher while SpiceJet
gained 10 percent on lower crude prices.
Some of the recent underperformers such as ITC Ltd,
gained 1.8 percent, reversing Monday's 6.2 percent fall.
Among other blue-chips, State Bank of India gained
2.4 percent and Gail India Ltd ended 4.63 percent
However, software exporters fell. Infosys Ltd
closed down 0.89 percent, while HCL Technologies ended
0.22 percent lower.
For additional stocks on the move double click
FACTORS TO WATCH
* Euro, pound tread water before German Ifo, Carney testimony
* Brent drops below $114, Iraq oil data eases supply worries
* Subdued Ifo takes M&A shine off European stocks
* Foreign institutional investor flows
* For closing rates of Indian ADRs
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........ Japan....... S.Korea...
S.E. Asia....... Hong Kong... Taiwan....
Australia/NZ.... India....... China.....
Wall Street .... Gold ....... Currency..
Eurostocks..... Oil ........ JP bonds...
ADR Report ..... LME metals. US bonds..
Stocks News US.. Stocks News Europe
DIARIES & DATA:
Indian Data Watch Asia earnings diary
U.S. earnings diary European diary
Indian diary Wall Street Week Ahead
Eurostocks Week Ahead
For top Asian company news, double click on:
U.S. company news European company news
Forex news Global Economy news
Technology news Telecoms news
Media news Banking news
Politics/General Asia Macro data
(Editing by Sunil Nair)