Infosys shares hit record high
Thursday, 30 September 2010
MUMBAI, Sept 29 (Reuters): Indian shares eased in choppy trade Wednesday as investors locked in profits ahead of the expiry of monthly derivatives after the market had rallied nearly 12 per cent over four weeks.
Traders said the undertone remained upbeat with foreigners continuing to bet on robust earnings in the rapidly expanding economy, while returns in the developed world were uncertain.
Export-focused outsourcer Infosys Technologies firmed 1.9 per cent to a record 3,075 rupees. Sterlite Industries was a big loser as it slumped as much as 8.2 per cent after the Economic Times said a court had ordered closure of the metal producer's copper smelting plant in south India citing pollution and health hazards.
At 11:29 am (0559 GMT), the 30-share BSE index was down 0.4 per cent at 20,024.52 points, with 20 of its components declining, after rising 0.6 per cent early. "The market is a bit volatile because of derivatives expiry tomorrow," said Ambareesh Baliga, vice-president of Karvy Stock Broking, referring to the contracts on the National Stock Exchange.
Traders said the undertone remained upbeat with foreigners continuing to bet on robust earnings in the rapidly expanding economy, while returns in the developed world were uncertain.
Export-focused outsourcer Infosys Technologies firmed 1.9 per cent to a record 3,075 rupees. Sterlite Industries was a big loser as it slumped as much as 8.2 per cent after the Economic Times said a court had ordered closure of the metal producer's copper smelting plant in south India citing pollution and health hazards.
At 11:29 am (0559 GMT), the 30-share BSE index was down 0.4 per cent at 20,024.52 points, with 20 of its components declining, after rising 0.6 per cent early. "The market is a bit volatile because of derivatives expiry tomorrow," said Ambareesh Baliga, vice-president of Karvy Stock Broking, referring to the contracts on the National Stock Exchange.