MUMBAI (Thomson Financial) - Indian shares were little changed in early
deals Friday amid mixed Asian cues, as investors await inflation data to be
released at noon today.
The wholesale price index (WPI) has remained above the 7-percent mark for
four weeks, far above the Indian central bank's revised annual target of 5.5
percent.
Dealers are divided on how the market would react to the WPI, with some
expecting a sell-off as the market has exhausted positive cues for now while
others believing the WPI hovering around the 7-percent mark has already been
factored in.
At 10:10 a.m. local time, the 30-share Sensitive Index, or Sensex, of the
Bombay Stock Exchange (BSE) was up 21.85 points or 0.13 percent at 17,102.50 and
the broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) fell
0.03 percent to 5,080.15 points.
Among the Sensex stocks, there were seven declines for every three advances
and financial services major Housing Development Finance Corp. Ltd. (HDFC), in
which Citigroup holds about 12 percent, was the top loser as it fell 40.60
rupees, or 1.49 percent, to 2,680.00.
Major state-owned engineering company Bharat Heavy Electricals Ltd. (BHEL)
declined 1.16 percent to 1,739.80 rupees followed by another engineering company
Jaiprakash Associates Ltd., which retreated 1.06 percent to 266.20 rupees.
India's second-biggest software exporter Infosys Technologies Ltd. fell 0.68
percent to 1,767.75 rupees while Tata Group's automobile company Tata Motors
Ltd. dipped 0.63 percent to 664.90 rupees.
Reliance Industries Ltd. slid 0.27 percent to 2,659.00 rupees and ICICI Bank
Ltd., the country's biggest private lender, slipped 0.59 percent to 886.00
rupees.
Among the gainers, the country's largest telecom company Bharti Airtel Ltd.,
which is in talks to bid for a controlling stake in South Africa's MTN Group,
was the top gainer as it rose 2.43 percent to 847.70 rupees. DLF Ltd., the
country's biggest property developer, gained 1.68 percent to 654.60 rupees.
Engineering and construction major Larsen & Toubro Ltd. advanced 1.31
percent to 2,924.00 rupees and telecom company Reliance Communications Ltd.,
controlled by Indian billionaire Anil Ambani, rose 0.52 percent to 545.80
rupees.
In the broader market, 898 shares advanced compared with 720 declines while
42 remained unchanged, on a volume of 41.5 million shares.
Drug maker Dr. Reddy's Laboratories Ltd. was the top loser among the Nifty
companies as it declined 2.96 percent to 642.00 rupees while Bharti Airtel was
the top gainer as it rose 2.18 percent to 847.30.
TFN.newsdesk@thomson.com
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