Indian shares rose 0.9 percent on Tuesday as investors looked to growth opportunities, a day after disappointment over the lack of expected reforms and high deficit in the budget sent the market down nearly 6 percent. “While some of the hot money may have flown out of the Indian sharemarket yesterday, more long-term investors would take the plunge as an opportunity to engage with the market,” said Stephen Pope, chief global market strategist at Cantor
Fitzgerald in London. Leading cigarette maker ITC led the gains, rising 6.8 percent to 211.20 rupees, its best close in more than a year. Bank of America-Merrill Lynch said it had upgraded its
earnings per share estimates for ITC by 3 percent in 2009/10 and 4 percent in the next year after the budget left excise duty on cigarettes unchanged versus its forecast of a 5 percent
increase.

Bharti Airtel rose 3.5 percent to 810.90 rupees. The market regulator said MTN and its shareholders can buy 36 percent in Bharti via global depositary receipts without triggering a mandatory open offer. [ID:nDEL528809] The two companies have been in exclusive talks that could lead to a merger creating the world’s No. 3 wireless group with more than 200 million subscribers and combined revenue of $20 billion. The main 30-share BSE index closed up 127.05 points at 14,170.45, with 19 stocks rising. The index rose as much as 1.5 percent in the opening deals and then fell 0.3 percent into the negative.
The benchmark had fallen 5.8 percent on Monday after the budget fell short of expectation on infrastructure spending, ignored financial sector reforms, raised a minimum alternate
tax for companies and set a paltry stake sale target, traders said. “Generally, growth opportunities in India are very strong,” Pope said. “While the budget was for growth, some people would
have expected a little bit more from it.” He expects the BSE index to rise to 17,400 by the end of
2009.

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