Wed Nov 25, 2009 6:16am EST
By Ami Shah
MUMBAI, Nov 25 (Reuters) - Indian shares climbed 0.4
percent to their highest close in more than five weeks on
Wednesday, propelled by energy major Reliance Industries
(RELI.BO) and IT bellwether Infosys (INFY.BO).
Firmer global markets after U.S. Federal Reserve officials
raised their growth estimate for 2010 helped underpin
sentiment. [ID:nN24313828]
However, trading volume was relatively light with fewer
participation from foreign funds and the expiry of monthly
derivatives contracts on Thursday, traders said.
Infosys, India's No. 2 outsourcer, climbed to all-time high
of 2,457.90 rupees, after its chief financial officer told the
Reuters India Summit the company was focused on small
acquisitions to boost growth. [ID:nBNG529184]
The stock closed up 0.3 percent at 2,433.60 rupees.
The 30-share BSE index .BSESN rose 67.87 points to
17,198.95, its highest close since Oct. 20. Seventeen of its
components gained.
"I think market is in a consolidation range as we move
towards expiry," said Jigar Shah, vice-president of equity
sales at Motilal Oswal.
Foreign funds, who have bought shares worth more than $15
billion this year, have been taking profits over the past three
sessions.
Reliance, which has made an offer for bankrupt chemical
company LyondellBasell [ACCEIN.UL], firmed 0.8 percent to
2,193.75 rupees.
Asia's top oil refiner China Petroleum and Chemical Corp
and U.S. private equity firm TPG [TPG.UL] are not considering a
bid to buy Lyondell, a source close to the situation said.
[ID:nHKG354949]
"It is good if there are no competitors for Reliance's bid
for LyondellBasell," said Prayesh Jain, research analyst with
India Infoline.
The stock, which has the heaviest weight in the BSE index,
also got a boost as it reopened 900 gas stations and neared the
record date on Friday for its 1:1 bonus issue. [ID:nDEL270965]
In the broader market, losers outnumbered gainers in the
ratio of 1.1:1. Volume was low with 372 million shares changing
hands on the Bombay Stock Exchange.
Cigarette and hotel group ITC (ITC.BO) climbed 1.9 percent
to 268.75 rupees on better outlook, dealers said.
Telecom stocks continued their fall with sector leader
Bharti Airtel (BRTI.BO) dropping 0.3 percent and rival Reliance
Communications (RLCM.BO) shedding 1.4 percent.
"Despite a meaningful de-rating of telecom stocks, we have
a cautious sector view as we expect tariff pressures to
continue and the competitive intensity to increase as more new
players with deep pockets enter," HSBC securities said in a
note.
It said faster-than-estimated progress on mobile number
portability clouded the outlook further.
The 50-share NSE index closed up 0.4 percent at
5,108.15.
STOCKS THAT MOVED
* State oil marketing companies Indian Oil Corp (IOC.BO),
Hindustan Petroleum (HPCL.BO) and Bharat Petroleum (BPCL.BO)
rose 2.6-6.9 percent as oil prices hovered around $76 a barrel.
These companies are forced to sell fuel products at mandated
discounts.
* Mahindra Satyam (SATY.BO) fell 10.9 percent to 90.55
rupees, after newspapers reported the fraud by former chairman
of Satyam Computers was larger than initially estimated. Satyam
Computers was acquired by Tech Mahindra (TEML.BO) in April.
* State-run hydro power producer NHPC (NHPC.BO) slipped 1.7
percent to 31 rupees, after a senior company official said it
was likely to miss its 2007-2012 capacity addition target by
800 megawatts. [ID:nBMB009149]
MAIN TOP 3 BY VOLUME
* Mahindra Satyam on 33.6 million shares
* Aztec Lifesciences (ASTE.BO) on 12.2 million shares
* Suzlon Energy (SUZL.BO) on 8.9 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report
[INR/]
* India bond report
[IN/]
* Dollar index falls to lowest since Aug 2008
[FRX/]
* Oil rebounds above $76, awaits U.S. data
[O/R]
* Global stocks rise; gold at record high
[MKTS/GLOB]
* U.S. stock index futures signal gains; data eyed
[.N]
* For closing rates of Indian ADRs
INADR
(Editing by Ranjit Gangadharan)
((ami.shah@thomsonreuters.com; +91 22 6636 9246; Reuters
Messaging: ami.shah.thomsonreuters.com@reuters.net))
((If you have a query or comment on this story, send an email
to news.feedback.asia@thomsonreuters.com))
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