Indian shares up ahead of German Constitutional Court ruling

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Indian shares up ahead of German Constitutional Court ruling
Indian shares like most of Asia were trading higher ahead of a key German Constitutional Court ruling, which could decide on Wednesday whether or not it will allow Germany to join the European Stability Mechanism - a new, permanent (euro) 500 billion ($638.8 billion) bailout fund for the 17 countries that use the euro.

The Sensex was trading higher by 62 points, while the Nifty gained 16 points at 5405 points at 9.20 am IST.

Among the gainers in early trade were Tata Steel, Tata Motors and DLF. Shares of Siemens was down more than 2% following reports that Siemens AG is selling a 1.2 percent stake in its Indian unit Siemens Ltd.

Banking stocks were trading marginally higher with ICICI Bank, Axis Bank and State Bank of India all gaining in early trade.

Asian markets were also trading higher with the Japanese Nikkei gaining more than 1.53%, Hong Kong's Hang Sang gaining more than 0.75% and the Korean Kospi and Singapore's Strait Times both gaining more than 1% each.

Markets are expected to remain volatile ahead of the German Court ruling which is slated later today. All eyes would also be foccussed on the two-day Federal Reserve meeting to be followed by a press conference by Federal Reserve Chairman Ben Bernanke. Any announcement of a quantitative easing programme by Bernanke is likely to prompt a fresh rally in stocks.

Read more about: sensex, nifty
Story first published: Wednesday, September 12, 2012, 9:24 [IST]
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