Reuters: Hot Stocks: CORRECTED-Indian shares gain the most in two weeks; GDP data in focus

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CORRECTED-Indian shares gain the most in two weeks; GDP data in focus May 27th 2013, 12:27 Mon May 27, 2013 8:27am EDT (Corrects to say GDP data is due this week, not next week, in fourth paragraph; fixes typo in surname, paragraph 5) * BSE index gains 1.66 pct; NSE also ends 1.66 pct higher * Reliance Industries shares surge on KG-D6 gas discovery * Sun Pharma soars a day ahead of Jan-March results By Abhishek Vishnoi MUMBAI, May 27 (Reuters) - Indian shares rose more than 1 percent on Monday to mark their second consecutive session of gains as Reliance Industries surged after a significant gas discovery, while Sun Pharma rose ahead of its quarterly earnings. Benchmark stock indexes are recovering after posting their first weekly fall in six last week, but analysts remain wary about flows after foreign institutional investors sold 2.38 billion rupees of stocks on Friday, snapping a record streak of 26 consecutive sessions of net purchases. A mixed Jan-March earnings season so far and more expensive valuations for domestic shares are also making shares vulnerable in the short term, analysts added. Investors will now be watching January-March economic growth data due this week, which will show whether the economy has gained some traction on the government's reform moves and the central bank's rate cuts. "GDP data is very important but it is not expected to be good. One has to wait and see if market discounts it on premise of being historical data," said Aneesh Srivastava, chief investment officer, who oversees 30 billion rupees in capital markets for IDBI Federal Life Insurance. Japanese interest rates, U.S. dollar, and the Fed's follow-through on quantitative easing should be things to watch globally, added Srivastava. The benchmark BSE index rose 1.66 percent, or 326.44 points, to end at 20,030.77, marking its biggest daily percentage gain since May 15. The broader NSE index rose 1.66 percent, or 99.60 points, to end at 6,083.15, closing above the psychologically important 6,000 level. Shares in Reliance Industries Ltd rose 5.2 percent after the conglomerate and its partners said they had made a significant gas discovery in the KG-D6 block off India's east coast. Sun Pharmaceutical Industries Ltd rose 4.6 percent a day ahead of its Jan-March results, while Coal India Ltd shares gained 1.2 percent ahead of its March-quarter earnings later in the day. AstraZeneca Pharma jumped 16 percent, a day before promoters are due to sell 3.7 million shares in the drug maker. Titan Industries Ltd rose 4.5 percent after Bank of America Merrill Lynch initiated coverage on with a "buy" rating, citing Titan's dominant market share in jewellery and watches, the bottoming out of discretionary spending, and a potential increase in dividend payout. However among stocks that fell, Crompton Greaves Ltd declined 2.3 percent after the company said its Jan-March net profit fell 75 percent, missing forecasts according to analysts. Jet Airways fell 2.5 percent and its smaller rival SpiceJet declined 4.9 percent after reporting quarterly losses on Friday as fare increases were not sufficient to cover high costs of operations. For additional stocks on the move double click FACTORS TO WATCH * Yen stays near 2-1/2 week high against dollar * Brent falls on weak economic data, plentiful supplies * European stocks claw back ground as markets steady * 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..... OTHER MARKETS: 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 TOP NEWS: 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 <ECONASIA (Editing by Sunil Nair and Robert Birsel) Link this Share this Digg this Email Reprints

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