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    Indian shares gain nearly 1.5 pct; state election results key

    Picture of Jaypee Infratech logoJaypee Infratech
    29/11/2013 11:29
    * BSE index gains 1.25 pct; NSE ends 1.38 pct higher 
    * Indian shares mark biggest weekly gain since Oct 11 
    * Jubilant Life surges after approval for key drug 
    * India's small stocks outperform index; analysts wary 
 
    By Abhishek Vishnoi 
    MUMBAI, Nov 29 (Reuters) - Indian shares rose nearly 1.5 
percent on Friday as hopes that domestic institutional investors 
would turn buyers sparked a rally in blue-chips such as ICICI 
Bank, allowing indexes to post their best weekly gain in nearly 
two months. 
    Domestic institutional investors (DIIs) bought shares worth 
3.30 billion rupees ($52.88 million) on Thursday, snapping a 
selling streak of at least 12 days, according to the most recent 
available exchange and regulatory data.  ID:nL4N0JE0QV  
    A return of domestic investors - who have sold heavily this 
year - would potentially provide a new boost to markets given 
signs of waning buying appetite from foreign investors. 
    Strong buying by foreign investors spurred the benchmark BSE 
index  .BSESN   to a record high on Nov. 3, but shares have 
steadily lost ground since then, with the index falling 1.8 
percent for the month. 
    Traders said hopes that state elections results on Dec. 8 
would yield a clear winner are also boosting shares.  
    "It looks like street expects a year-end rally. However, 
there would be a caution ahead of GDP number and state election 
results in the first week of this month," said Dipak Acharya, 
fund manager of equities at Baroda Pioneer AMC. 
    The benchmark BSE index  .BSESN  rose 1.25 percent, or 
257.02 points, to end at 20,791.93, rising 2.8 percent for the 
week. 
    The broader NSE index  .NSEI  rose 1.38 percent, or 84.25 
points, to end at 6,176.10, also gaining 3 percent for the week 
but ending 1.95 percent lower for the month. 
    Both indexes posted their biggest weekly loss since the week 
ended on Oct. 11. 
    Among blue-chip shares, Sesa Sterlite Ltd  SESA.NS  rose 4.6 
percent while Cipla Ltd  CIPL.NS  3 percent. 
    In bank stocks, ICICI Bank ltd  ICBK.NS  ended 2.9 percent 
higher while State Bank of India Ltd  SBI.NS  rose 3.2 percent. 
    Jubilant Life Sciences Ltd  JULS.NS  surged 9.4 percent 
after the company said it got approval from U.S. drug regulators 
for a generic version of AstraZeneca Plc's  AZN.L  Seroquel 
drug, used for the treatment of schizophrenia and bipolar 
disorder.  ID:nL4N0JE0XK  
    Jaiprakash Associates Ltd  JAIA.NS  rose 9 percent while 
Jaypee Infratech Ltd  JYPE.NS  rose 6.7 percent on speculation 
that the group's debt and working capital position is getting 
better, dealers said. 
    Contrary to falls in the main indices, small and mid-cap 
stocks rose for a third month in November as analysts say the 
beaten down sectors played catch up to larger rivals. 
 ID:nL4N0JE0WV  
    Mahindra and Mahindra Ltd  MAHM.NS  fell 1.4 percent ahead 
of its monthly sales data next week. 
     
   For additional stocks on the move double click  MEYE          
      
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* Brent holds near $111, set for biggest gain since Aug    O/R   
* World shares near 6-yr high, euro firm             MKTS/GLOB   
* Foreign institutional investor flows         INFII   INFII01   
* For closing rates of Indian ADRs                       INADR   
                        
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