Finance Minister said on Tuesday that the government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He took steps to improve domestic supplies and to moderate food price inflation.

State Bank of India rose 3.3% to 1,793.50 rupees, HDFC Bank climbed 2% to 1,547.50 rupees and ICICI Bank rose 0.7% to 901.30 rupees.

Mahindra & Mahindra gained 1.2% to 642.70 rupees, Tata Motors rose 1% to 639.95 rupees and Maruti Suzuki India surged 1.2% to 731.30 rupees.

HDFC rose 6% to 2,881.45 rupees, Larsen & Toubro advanced 2.1% to 3,007.40 rupees, Jaiprakash Associates gained 6% to 266.10 rupees and Ambuja Cements jumped 1.3% to 114.85 rupees. Reliance Communications declined 1.7% to 574.70 rupees

Earnings News

Hindustan Unilever gained 1.5% to 250.85 rupees. The company reported net profit fell 3.04% to 380.95 crore rupees on 19.14% rise in sales to 3,793.94 crore rupees in the first quarter of 2008 from a year ago.

Asian markets review

In Hong Kong Hang Seng index increased 247.86 or 0.97% closed to 25,914.15. In Australia ASX 200 index higher 4.20 or 0.07% to close 5,606.90. In Malaysia KL Composite index decreased 11.66 or 0.90% closed to 1,283.65. There was holiday in Japan.

In South Korea Kospi Index decreased 11.66 or 0.64% to close at 1,811.51, in Thailand SET index closed lower 2.79 or 0.33% to 833.63 and Indonesia JSE Index edged increased 49.22 or 2.18% to 2,303.53. Sensex index in India increased 362.50 or 2.13% to 17,378.46.