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Jun 20, 2012, 06.14 PM IST
The BSE Sensex edged higher on Wednesday as power equipment makers such as Larsen & Toubro gained on hopes the government would consider imposing import duties for foreign makers.
Meaningful US action could boost emerging market assets such as in India, offsetting some of the concerns about euro zone debt woes.
After strong gains in June, Indian stocks were hit hard on Monday after the central bank kept interest rates on hold, putting the focus on the government to step in with measures to address concerns about India's fiscal and economic outlooks.
"Market is in a wait and watch mode. Nobody is in a mood to give any commitment. Slowdown is here to stay until and unless liquidity wave comes from US and Europe," said Jagannadham Thunuguntla, head of Research at SMC Investments.
The BSE Sensex rose 0.22% to 16,896.63 points, to mark its second consecutive session of gains.
The broader 50-share NSE index provisionally rose 0.33% to 5,120.55 points.
Gains were led by power equipment makers as the power minister is expected to submit a new proposal for a potential import tax on foreign imports to a cabinet of ministers, according to two government sources.
Domestic power makers have requested import duties for the past two years to curtail the supply of cheaper equipment from China.
Larsen & Toubro
Also gaining on Wednesday, Indian airlines advanced on TV reports the civil aviation ministry will meet with finance ministry counterparts to discuss lowering aviation turbine fuel taxes, raising hopes of an announcement, traders said.
Shares in Educomp Solutions Ltd
Indian equity benchmarks moved higher amid choppy trade led by support from ICICI Bank, ONGC and Larsen & Toubro. Steel, healthcare and power stocks too were quite supportive whereas ITC, TCS, Coal India and Bharti remained under pressure.
SENSEX-NIFTY-ONGC-BPCL-FED:BSE Sensex edges up; track Asian indexes
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