Indian Shares Rise Modestly On US Jobs Data

(RTTNews) - Indian shares rose modestly on Friday as investors awaited the Union Budget for 2014-15 due next week for direction. Global cues remained supportive on growing optimism about the U.S. economy after the latest jobs report showed a bigger-than-expected surge in job creation last month pushing the jobless rate down to almost six-year low.

Closer home, Finance minister Arun Jaitley said there is no need to press the panic button on the inflation front. Blaming hoarders for the rise in food inflation, he asked the states to take measures to crackdown on hoarding and black marketing to rein in prices.

The benchmark S&P BSE Sensex hit a low of 25,659.33 earlier in the day before erasing losses to end up 138.31 points or 0.54 percent at 25,962.06. The broader CNX Nifty index gained 36.80 points or 0.48 percent to finish at 7,751.60.

Gail India, Dr Reddy's Laboratories, HDFC Bank and Reliance Industries rose 1-3 percent, while Sesa Sterlite dropped 1.7 percent, Wipro shed 1.5 percent and Larsen & Toubro declined 0.6 percent.

Kalindee Rail Nirman, Titagarh Wagon and Texmaco Rail & Engineering soared 5-8 percent ahead of the Railway Budget on July 8.

Fertilizers & Chemicals Travancore advanced 6.2 percent on a report the government will provide a Rs 990 crore revival package for the ailing public sector firm.

Akzo Nobel India rallied 4.3 percent after formally inaugurating a new laboratory facility at its Thane site in Mumbai.

Videocon Industries climbed 4.6 percent on reports its satellite TV arm Videocon d2h will likely go ahead with its proposed initial public offering this financial year.

Prestige Estates Projects jumped 8 percent after it bought an eight-acre land parcel in South Bangalore for Rs.345 crore from German conglomerate Siemens.

Kaveri Seed Company added a percent, extending two days of gains, on reports the monsoon rains have improved in many parts of central and north India.

Tata Motors edged down 0.2 percent after shareholders and institutional investors rejected a proposal relating to remuneration of three of its top executives.

Hindalco Industries also slipped 0.2 percent on fund raising reports. SAIL lost 1.1 percent on disinvestment reports.