Friday May 16, 07:01 AM
Indian shares open higher on Asian cues, pare gains ahead of inflation data
MUMBAI (Thomson Financial) - Indian shares pared gains on the open on Friday tracking Asian cues after Wall Street's overnight gains and easing crude prices, dealers said.
They said early buying was driven by Thursday's 375-point rally ahead of the inflation data, due today.
According to the data on May 9, India's widely-tracked wholesale price index (WPI) almost touched a four-year high of 7.61 percent for the week ended April 26 against 7.57 percent, a week earlier.
At 10:10 a.m. the 30-share benchmark Sensex of the Bombay Stock Exchange (BSE) was up 68.40 points or 0.39 percent at 17,421.94, off its early high of 17,497 points and the broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) gained 0.26 percent to 5,128.45 points.
Four of the Sensex stocks advanced for each decline and India's second-biggest private lender HDFC Bank Ltd. gained the most, rising 1.89 percent toat 1,504.10 rupees and Satyam Computer Services Ltd., India's fourth biggest software exporter rose 1.30 percent to 490.20 rupees.
Engineering (Milan: ENG.MI - news) and construction company Larsen & Toubro Ltd. gained 0.96 percent to 2,991.00 rupees and India's biggest lender by assets, the State Bank of India (SBID.IL - news) , climbed 0.87 percent to 1,695.30.
Reliance Industries Ltd (Stuttgart: 884241 - news) . and ICICI Bank Ltd., which constitute about a quarter of the benchmark gauge, also gained. Reliance Industries was up 0.43 percent at 2,634.00 rupees and ICICI gained 0.73 percent to 935.50.
Aluminium producer Hindalco Industries Ltd (Berlin: HID.BE - news) . was the top loser, falling 2.11 percent to 199.75 rupees and Ambuja Cements Ltd (Berlin: GJA.BE - news) . declined 0.89 percent to 111.10.
Among non-Sensex constituents, IT company Tech Mahindra Ltd. rose about 38 rupees, or 4.15 percent, to 972.20 after news reports that it won a $700 million contract from British Telecom (LSE: BT-A.L - news) .
Ten of the 13 BSE sector indices advanced, led by the banking and capital goods indices, each of which rose 0.72 percent. The consumer goods gauge declined the most, falling 0.57 percent.
In the broader market, 1,124 advances outnumbered 589 declines on volume of 39 million shares.
Among the Nifty companies, India's second largest public sector commercial lender Punjab National Bank was the top gainer, rising 4.72 percent to 562.50 rupees after it said on Thursday its full-year net profit rose about 33 percent.
Hindalco was the top loser, falling 2.70 percent to 198.50 rupees.
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