Nifty futures breach 6,100; premium over spot expands

Last Updated: Mon, Jan 21, 2013 11:01 hrs
People watch news channel displayed on screen on facade of Mumbai Stock Exchange building as India's Finance Minister Palaniappan Chidambaram presents federal budget

January futures contract on India's 50-stock index breached 6,100 level earlier in the day as the Nifty rose, led by gains in Reliance Industries .

This marked the first time a near-month index futures contract rose over 6,100 level since January 6, 2011.

The premium over spot index expanded to 15 points compared with 10 points on Friday, which dealers attribute to confidence in the earnings season.

Among heavyweight stocks -- Reliance, ITC , Infosys , Tata Consultancy Service have beaten their earnings estimates for the December quarter.

Blue chip earnings this week include Hindustan Unilever on Tuesday, Larsen & Toubro on Thursday and Maruti Suzuki on Friday.

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