Indian Shares Edge Up (Mumbai)

MUMBAI: Outsourcer Infosys Technologies and private sector lender HDFC Bank helped Indian shares stretch a winning run into a third day on Tuesday, after the market spent most of the day in negative territory.

Investors took profits in many stocks following a more than 7 per cent rally this month in tandem with world markets that retreated from the previous day's 2009 highs. US stock futures indicated a lower opening on Wall Street.
Infosys, the country's second-largest software services firm, climbed 2 per cent to 2,396.75 rupees on improving prospects.

ICICI Securities said the current utilisation rate at 67 per cent and composition of employees with less than three years experience at a historic low of around 53 per cent, earnings visibility for Infosys was likely to remain superior versus peers.
The brokerage maintained a buy rating on the stock and raised its target price to 2,515 rupees.

Sector leader Tata Consultancy climbed 3.7 per cent to 690.45 rupees while rival Wipro closed nearly 1 per cent higher at 642.30 rupees. Reliance Industries shed 0.7 per cent to 2,133.75 rupees, as the energy major did not make any major announcement at its annual general meeting.

"Most people were expecting a big announcement in terms of an acquisition or a discovery. That didn't happen and the excitement came off," said Jigar Shah, senior vice-president of Kim Eng Securities.

The main 30-share BSE index closed up 0.1 per cent, or 18.14 points, at 17,050.65 points, with half of its components rising. It had fallen as much as 0.9 per cent during trade.