Business | Markets
Indian shares advance slightly in choppy trade
Indian shares rose 0.9 per cent in choppy trade on Wednesday, led higher by Reliance Industries and supported by short-covering by institutional investors a day ahead of the monthly futures expiry.
- Reuters
- Published: 23:39 September 24, 2008
Bangalore: Indian shares rose 0.9 per cent in choppy trade on Wednesday, led higher by Reliance Industries and supported by short-covering by institutional investors a day ahead of the monthly futures expiry.
Traders said gains were underpinned by positive overseas markets with US stock futures pointing towards a stronger start.
Reliance led the gains, rising as much as 1.9 per cent to Rs2,047.60 on fresh institutional buying after the index heavyweight fell to its lowest level in a year last week.
Reliance is aiming to acquire discovered oil and gas assets abroad, shifting its focus from exploration as it looks to balance its business portfolio, a top company official said in a recent interview.
The main 30-share BSE index closed 122.21 points higher at 13,692.52, after having risen as much as 1.99 per cent during trade, with 22 components gaining ground.
The benchmark had fallen 3.4 per cent in the previous two days, and is down about a third so far this year.
"There is some value-buying emerging in the market from the domestic institutions, but I think the upside is capped at these levels and consolidation will continue for some time," said Dipak Acharya, fund manager at BoB Asset Management.
Export-driven software services firms, which get the bulk of their revenue from banks and financials institutions, extended losses on growing anxiety over earnings on slowing outsourcing.
Infosys Technologies dropped 1.3 per cent to Rs1,523.70, Wipro fell 5.1 per cent to Rs370.75 and Tata Consultancy Services closed down one per cent at Rs713.45.
The 50-share NSE index rose 0.83 per cent to 4,161.25.
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