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Indian shares rise as opposition to US nuke deal softens
What's good for the Bombay Stock Exchange is good for India.
NEW DELHI - Indian shares rose Tuesday in response to news that the government’s leftist allies had softened their opposition to a civilian nuclear energy deal with the United States. Opposition from the communist parties has kept Prime Minister Manmohan Singh from starting negotiations with the International Atomic Energy Agency to implement the deal, which seeks to give India access to the global market for nuclear fuel and technologies.

Several television channels reported Tuesday that the communist parties have reached an agreement with the government allowing it to start negotiations with the UN nuclear watchdog. Earlier, the leftist parties had threatened to withdraw support if the government moved forward with the deal.

The left’s climbdown on the nuclear deal was a shot in the arm for the markets, as it hinted at renewed political stability and raised hopes of certain domestic sectors gaining orders if the deal comes through,’ said Prakash Rajdev, chief dealer at Mumbai-based Khandwala Securities.

The Bombay Stock Exchange’s benchmark index _ the 30-share Sensex _ rose 298 points, or 1.6 percent, to 19,035 points. On the broader National Stock Exchange, the 50-company S&P CNX Nifty climbed 1.4 percent to 5,695 points.
Posted by: Steve White 2007-11-14
http://www.rantburg.com/poparticle.php?ID=207080