Indian shares open little changed, gain in early trade; Wipro, Infosys up
MUMBAI, Jul 02, 2008 (Thomson Financial via COMTEX) -- By Staff Reporter
Company: Wipro Ltd. (WIT)
Indian shares opened little changed but gained momentum on value buying in early trade on Wednesday amid record high oil prices.
At 10.21 a.m. local time, India's benchmark index, the Bombay Stock Exchange's (BSE) Sensex, was up 168.53 points, or 1.30 percent, at 13,218.79. The National Stock Exchange's S&P CNX Nifty was up 35.75 points, or 0.92 percent, at 3,932.50 points.
On Wednesday world oil traded near record highs of about $142 a barrel after the OPEC president talked about uncertainty surrounding future investment in energy facilities that could boost crude output.
Asian shares fell as investors remained concerned about the impact of soaring oil prices on corporate earnings. A surprise expansion in United States manufacturing helped the Dow Jones Industrials pare its losses and close 0.3 percent higher.
Of the 30 components stocks of the Sensex, 27 gained in the early trade, led by soap-to-software maker Wipro Ltd., which was up 3.71 percent at 431.50 rupees. Reliance Communication Ltd., which fell about 8.5 percent on Tuesday, was up 3.31 percent at 409.10 rupees on Wednesday. Information technology bellwether Infosys Technologies Ltd. was up 2.96 percent at 1,761.00 rupees.
The Indian rupee was hovering around 43 rupees-a-dollar and software exporters gained from the weakening rupee.
The realty gauge was flat, shedding 0.02 percent, the banking sectoral index was also flat with a 0.56 percent gain.
The broader market breadth was also positive as 58.29 percent of the 1,237 traded stocks were up in early trade.
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Company: Wipro Ltd. (WIT)
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