Rising for the third day in a row, the BSE benchmark Sensex gained over 32 points in early trade today on sustained buying by funds and retailers on hopes of economic reforms amid a firming trend in Asian region.

The 30-share barometer, which had gained over 188 points in the previous two sessions, added 32.17 points, or 0.17 per cent, to 18,549.51 with stocks of power, capital goods, metal and oil and gas sectors extending support. Similarly, the wide-based National Stock Exchange index Nifty moved up by 6.80 points, or 0.12 per cent, to 5,634.55.

Brokers said trading sentiment remained firm on continued buying by funds and retail investors largely on hopes that the government will take more reform measures amid a firming trend in the Asian region in line with overnight gains on the European markets.

Stocks of Hindustan Copper, which had rallied by 11.33 per cent in yesterday’s trade after the government announced plans to divest 4 per cent equity in the company, came under selling pressure and plunged over 16 per cent to Rs 223.55.

In the Asian region, Hong Kong’s Hang Seng rose by 0.40 per cent, while Japanese markets closed for a public holiday. The US markets remained closed yesterday for ‘Thanksgiving’.

GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange gained 0.18 percent. The MSCI-Asia Pacific index excluding Japan is up 0.41 percent. U.S. markets were closed for the Thanksgiving holiday.

Asian shares ambled higher on Friday and were on course for a weekly gain of more than 2 percent, their best in two months, after manufacturing surveys from China and the United States raised hopes that the global growth outlook is improving at last.

FACTORS TO WATCH

Indian government to sell 4 pct stake in Hindustan Copper.      SEBI Chairman U.K. Sinha addresses Asia Securities conference

The government is set to broaden the ambit of external commercial borrowings (ECB) by including sectors incorporated in the new definition of infrastructure, Business Standard reported citing unnamed sources.

Indian companies having foreign stakes will now face a much closer scrutiny of their management and decision-making structures as the government decides to tighten the rules to determine who controls them, a government official said.

India’s cabinet approved on Thursday a 9.5 percent government stake sale in state-run power producer NTPC Ltd , a minister told reporters, to help rein in its ballooning fiscal deficit.

India approved a new drug pricing policy designed to increase the number of drugs deemed essential that are subject to price caps, two ministers told reporters. RETAIL

The government has struck down half of the products that IKEA proposed to sell in the country while clearing its 105 billion rupees investment proposal, a person familiar with the case.

Bharti Infratel, the tower arm of mobile phone company Bharti Airtel, is planning to launch its initial public offer (IPO) in the second week of December with the aim of raising a little over 40 billion rupees, three people involved in the process said. MEDIA

Tata Sons is looking at the option of offloading a part of its 60 per cent stake in the loss-making direct-to-home Tata Sky Ltd to private equity players and institutional investors and raise funds for the satellite TV company’s growth plans, a source close to the development said.