Indian shares edge up 0.3 percent in choppy trade

• IBTimes RSS
• Print
• E-Mail
• digg
• Del.icio.us

The market was also swayed by bleak U.S. economy outlook after weak corporate results renewed concerns about a housing market slump damaging the world's largest economy, pushing Asian stocks to their biggest fall in two months, traders said.

HDFC gained 7.3 percent to Rs.2,572.55, its highest close in more than two weeks, on hopes that India's leading mortgage lender would report strong earnings growth next week on strong demand for housing, traders said.

The benchmark 30-share BSE index closed up 0.31 percent, or 54.01 points, at 17,613.99, ending a three-day losing streak. Sixteen components ended in the positive territory.

But the broader 50-share NSE index ended down 0.6 percent at 5,184.

The main index had fallen as much as 2.2 percent in opening deals, having lost 4.9 percent last week after the authorities had proposed curbs to moderate inflows through instruments known as participatory notes, or P-notes.

"Volatility will remain until there is some clarity on the P-notes issue. Although overseas money is still flowing in, there are some concerns about the proposals," said Anuj Anandwala, research analyst at KJMC Capital Markets Services.

The Securities and Exchange Board of India is scheduled to take a decision on the proposal on Thursday.

The main index is down 8.3 percent from its life high of 19,198.66 hit on Thursday - its 19th record in 21 sessions.

"We are expecting a correction of about 600 to 700 points from these levels. After that, the market will provide good buying opportunities," said Anandwala.

• 1
• 2
• 3