10:00AM New York, 7:30 PM Mumbai – Twenty nine foreign direct investment projects approved by India ranged from media and entertainment, financial services and logistic services. Stocks edged higher as markets in the region advanced.

Indian stocks rose driven by strong global cues on news that China will unveil an expanded stimulus plan that is meant to prop up the economy.

In Mumbai, the Sensex Index rose 0.2% or 19.20 to 8,446.49, and the CNX Nifty edged up 0.9% or 22.80 to 2,645.20.

Of the stocks traded on the BSE, 1,004 rose, 1,458 declined, and 67 remained unchanged.

The rupee rose to 51.52 against the dollar from 51.95 yesterday.

Trading Statistics

Daily turnover on the BSE increased to 2,859 crore rupees from 2,550.59 crore rupees yesterday.

India Approves 29 FDI Proposals

Economic Times of India reported that the government today approved 29 foreign direct investment proposals worth 616.08 crore rupees.

Of the projects approved, AAPC Singapore will invest 365.78 crore rupees into its Indian subsidiary and ABG Bulk Handling will invest 90 crore rupees in equipment and facilities.

Telcordia Technologies will invest 45 crore rupees for providing number portability solutions and Cinema Capital Ventures Fund is considering seeding 50 crore rupees in the media and entertainment sector as part of the projects cleared.

RBI to Conduct Special Repo Auction

Reserve Bank of India reported today that it will conduct a special repo auction for 595 billion rupees on Monday. The reversal of the auction will be on March 16.

According to the statement, the special repo facility was introduced on October 14, offering 200 billion rupees for liquidity needs of mutual funds.

However the facility was later increased to 600 billion rupees to encompass non-banking financial companies and housing finance companies.

Gainers & Losers

Reliance Industries increased 0.9% to 1,209.60 rupees as investors bought stocks with low valuations and Reliance Petroleum rose 0.9%.

Cairn India gained 2.9% after crude oil prices advanced 3.7% to $41.7 per barrel and ONGC edged up 2.5%.

Unitech increased 0.9% and Indiabulls Real Estate advanced 3.1%.
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Auto stocks increased. Hero Honda Motors rallied 2.8%, Maruti Suzuki India rose 1.4%, TVS Motor Company increased 4.2 and Mahindra & Mahindra soared 0.7%.

Tata Motors rallied 0.8% on news the company intends to sell the Nano in Europe by 2011.

IT stocks rose. Wipro rose 2.7%, TCS increased 3.6% and Infosys Technologies advanced 0.03% to 1,197.90 rupees.

Financial stocks fell. ICICI Bank fell 4.1% to 284.30 rupees and State Bank of India declined 1.9%.