By Ami Shah
MUMBAI, March 11 (Reuters) - Indian shares rose for the second session and gained 0.4 percent on Thursday on late buying in banks and software companies after global markets erased some of their losses.
Bank shares climbed as investors placed bets on their long-term prospects in an advancing economy while export-oriented software companies gained on hopes of improving order flow.
The 30-share BSE Index closed 0.41 percent or 69.63 points higher at 17,167.96, after fluctuating through the day.
Half of its components closed in the green.
'Market will consolidate for a while, after the run up we saw post the budget,' said V.K. Sharma, head of private broking and wealth management at HDFC Securities.
'It is waiting for a trigger and IIP (index of industrial production) data should provide more cues,' added Sharma, pointing to industrial output data for January which is due by mid-day on Friday.
Industrial output is forecast to have risen 16.65 percent in January from a year earlier, a Reuters poll showed
According to the latest data, foreigners poured more than $2 billion into Indian equities in seven sessions to March 9, with fresh equity issuance taking a share.
Top iron ore miner NMDC's share sale worth up to $2.6 billion opened for subscription on Wednesday, while animation and gaming firm DQ Entertainment's 1.28 billion rupee ($28 million) initial public offering which concluded on the same day was subscribed more than 84 times.
No.2 software services firm Infosys Technologies rose 0.9 percent while rivals Tata Consultancy Services and Wipro gained 1.3 percent and 1.7 percent respectively.
'There is more and more evidence that demand for IT services is growing and the larger companies clearly stand to gain,' said Nitin Rakesh, CEO of Motilal Oswal's asset management business.
Infosys is seeing a rise in outsourcing deal flow due to a recovery in the global economy, its chief executive officer Kris Gopalakrishnan said on Wednesday.
Top lender State Bank of India rose 0.5 percent while private-sector lenders ICICI Bank and HDFC Bank gained 1.5 percent and 0.7 percent, respectively.
Top consumer goods maker Hindustan Unilever, a unit of Anglo-Dutch firm Unilever, declined 4.2 percent to 228.80 rupees.
'The pricing war in the detergent segment is hurting the stock,' said Anand Shah, research analyst with Angel Stock Broking.
Energy major Reliance Industries, which has the highest weight on the Sensex, climbed 0.8 percent to 1,016.55 rupees.
Tata Steel, the world's eighth largest steel maker by output, also shed 0.4 percent on concerns that rising iron prices may crimp its margins.
In the broader market, decliners outnumbered gainers in a ratio of 1.6:1 in a volume of 352 million shares, lower than that on Wednesday.
The MSCI's measure of Asian markets outside Japan was down 0.24 percent by 1128 GMT, while the FTSEurofirst 300 index of top European shares fell 0.04 percent.
The 50-share NSE index gained 0.3 percent to 5,133.40.
STOCKS THAT MOVED
* Infrastructure and construction firm Man Infraconstruction was listed at 338.60 rupees a share on the Bombay Stock Exchange, up 34.36 percent compared with its issue price of 252 rupees.
The stock closed at 348.25 rupees.
* Fortis Healthcare rose 4.9 percent to close at 178.35 rupees after the hospital chain agreed to buy 23.9 percent stake in Singapore's healthcare provider Parkway Holdings for about $685 million..
MAIN TOP 3 BY VOLUME
* Texmo Pipes on 20.4 million shares
* Man Infraconstruction on 16.5 million shares
* Shree Ashtavinayak on 6.2 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report
* India bond report
* Yen edges up vs dlr, euro after strong China data
* Oil slips below $82 on China inflation spike
* China inflation spike weakens equities
* Futures point to weak Wall St; Devon Energy seen up
* For closing rates of Indian ADRs
(Editing by Tony Munroe)
((ami.shah@thomsonreuters.com; +91 22 6636 9246; Reuters Messaging: ami.shah.thomsonreuters.com@reuters.net)) ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: Indian Data Watch Asia earnings diary U.S. earnings diary European diary Indian diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Indian rupee LME price overview Keywords: INDIA STOCKS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
MUMBAI, March 11 (Reuters) - Indian shares rose for the second session and gained 0.4 percent on Thursday on late buying in banks and software companies after global markets erased some of their losses.
Bank shares climbed as investors placed bets on their long-term prospects in an advancing economy while export-oriented software companies gained on hopes of improving order flow.
The 30-share BSE Index closed 0.41 percent or 69.63 points higher at 17,167.96, after fluctuating through the day.
Half of its components closed in the green.
'Market will consolidate for a while, after the run up we saw post the budget,' said V.K. Sharma, head of private broking and wealth management at HDFC Securities.
'It is waiting for a trigger and IIP (index of industrial production) data should provide more cues,' added Sharma, pointing to industrial output data for January which is due by mid-day on Friday.
Industrial output is forecast to have risen 16.65 percent in January from a year earlier, a Reuters poll showed
According to the latest data, foreigners poured more than $2 billion into Indian equities in seven sessions to March 9, with fresh equity issuance taking a share.
Top iron ore miner NMDC's share sale worth up to $2.6 billion opened for subscription on Wednesday, while animation and gaming firm DQ Entertainment's 1.28 billion rupee ($28 million) initial public offering which concluded on the same day was subscribed more than 84 times.
No.2 software services firm Infosys Technologies rose 0.9 percent while rivals Tata Consultancy Services and Wipro gained 1.3 percent and 1.7 percent respectively.
'There is more and more evidence that demand for IT services is growing and the larger companies clearly stand to gain,' said Nitin Rakesh, CEO of Motilal Oswal's asset management business.
Infosys is seeing a rise in outsourcing deal flow due to a recovery in the global economy, its chief executive officer Kris Gopalakrishnan said on Wednesday.
Top lender State Bank of India rose 0.5 percent while private-sector lenders ICICI Bank and HDFC Bank gained 1.5 percent and 0.7 percent, respectively.
Top consumer goods maker Hindustan Unilever, a unit of Anglo-Dutch firm Unilever, declined 4.2 percent to 228.80 rupees.
'The pricing war in the detergent segment is hurting the stock,' said Anand Shah, research analyst with Angel Stock Broking.
Energy major Reliance Industries, which has the highest weight on the Sensex, climbed 0.8 percent to 1,016.55 rupees.
Tata Steel, the world's eighth largest steel maker by output, also shed 0.4 percent on concerns that rising iron prices may crimp its margins.
In the broader market, decliners outnumbered gainers in a ratio of 1.6:1 in a volume of 352 million shares, lower than that on Wednesday.
The MSCI's measure of Asian markets outside Japan was down 0.24 percent by 1128 GMT, while the FTSEurofirst 300 index of top European shares fell 0.04 percent.
The 50-share NSE index gained 0.3 percent to 5,133.40.
STOCKS THAT MOVED
* Infrastructure and construction firm Man Infraconstruction was listed at 338.60 rupees a share on the Bombay Stock Exchange, up 34.36 percent compared with its issue price of 252 rupees.
The stock closed at 348.25 rupees.
* Fortis Healthcare rose 4.9 percent to close at 178.35 rupees after the hospital chain agreed to buy 23.9 percent stake in Singapore's healthcare provider Parkway Holdings for about $685 million..
MAIN TOP 3 BY VOLUME
* Texmo Pipes on 20.4 million shares
* Man Infraconstruction on 16.5 million shares
* Shree Ashtavinayak on 6.2 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report
* India bond report
* Yen edges up vs dlr, euro after strong China data
* Oil slips below $82 on China inflation spike
* China inflation spike weakens equities
* Futures point to weak Wall St; Devon Energy seen up
* For closing rates of Indian ADRs
(Editing by Tony Munroe)
((ami.shah@thomsonreuters.com; +91 22 6636 9246; Reuters Messaging: ami.shah.thomsonreuters.com@reuters.net)) ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: Indian Data Watch Asia earnings diary U.S. earnings diary European diary Indian diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Indian rupee LME price overview Keywords: INDIA STOCKS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.