* BSE Sensex up on strong Asia, robust foreign fund inflow
* Reliance Industries at more than 6-month high
* Wipro falls on Credit Suisse downgrade to neutral
(Updates to mid-morning)
MUMBAI, Oct 25 (Reuters) - Indian shares on Monday were
trading 1.3 percent higher on strong foreign fund inflows and
firm Asian peers, with energy giant Reliance Industries
(RELI.BO) leading the charge.
Shares in Wipro (WIPR.BO), the country's third-largest
outsourcer, bucked the trend and fell as much as nearly 3
percent after Credit Suisse downgraded the stock to neutral
from outperform. [ID:nBMA008687]
"We were pretty surprised by the weak revenues, as peers
have been rather bullish," Credit Suisse said in a note.
At 11:38 a.m. (0608 GMT), the 30-share BSE index .BSESN
was up 1.31percent at 20,428.95 points, with 29 of its
components advancing.
"The good subscription to the Coal India IPO (initial
public offering) has shown a lot of confidence in the strength
of the market. The refund money will start coming in this week
too," said R.K. Gupta, managing director of Taurus Mutual Fund.
Coal India's $3.5 billion IPO, the country's largest, was
more than 15 times covered by close last Thursday, giving the
government power to price at the top end of 225-245 rupees
range and building momentum for other state offers.
[ID:nSGE69K0JD]
The world's largest coal miner would begin to refund excess
subscriptions for the IPO, which had an institutional order
book of about $27 billion powered by foreign funds, by late
October or early November.
"Barring a few exceptions, (corporate) earnings have
largely been good," said Gupta.
The benchmark index is up 17 percent so far this year, as
foreign funds have pumped in nearly $24 billion in Indian
stocks.
Reliance Industries, which has the highest weight on the
Sensex, rose as much as 1.8 percent to 1,101 rupees, its
highest level in more than six months.
The stock, has lagged the broader market rally for the year
to date, and is up only 0.9 percent in 2010.
Tata Motors (TAMO.BO) raced 2.1 percent after the Wall
Street Journal reported the vehicle maker's Jaguar Land Rover
is in talks with a Chinese automaker to establish a
manufacturing and sales joint venture in China. [ID:nSGE69N03K]
Dr Reddy's Laboratories Ltd (REDY.BO) was up 1.5 percent
after the No. 2 drugmaker by sales reported on Saturday a 32-
percent jump in quarterly net profit, topping estimates.
[ID:nSGE69L0KW]
Hindustan Unilever (HLL.BO), the country's largest
household products and consumer goods maker was trading 1.8
percent higher ahead of its September-quarter results.
In the broader market, gainers were more than twice the
number of loser on a volume of 187 million shares.
The 50-share NSE index .NSEI was up 1.3 percent at
6,144.80 points.
Elsewhere, the MSCI's measure of Asian markets other than
Japan .MIAPJ0000PUS was up 1.8 percent, while Japan's Nikkei
.N225 shed 0.3 percent.
STOCKS ON THE MOVE
* Piramal Healthcare (PIRA.BO) was down 4.4 percent at
492.75 rupees after the drugmaker said last week it planned to
buy back up to 20 percent equity at 600 rupees a share.
[ID:nSGE69L0I5]
* OnMobile Global (ONMO.BO) was up 1.7 percent at 375
rupees as the mobile content provider said its July-September
net profit more than doubled. [ID:nSGE69O04L]
* Mahindra & Mahindra Financial Services (MMFS.BO) was up
6.5 percent to 697 rupees after the financial services provider
reported a strong quarter driven by robust disbursements and
containing interest cost. [ID:nSGE69L0K2]
MAIN TOP 3 BY VOLUME
* Ballarpur Industries (BILT.BO) on 5 million shares
* Pipavav Shipyard (PIPA.BO) on 2.8 million shares
* K.S. Oils (KSOI.BO) on 2.2 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bonds report
[IN/]
* Dollar resumes drop after G20, eyes on Fed
[FRX]
* Oil tops $82 ahead of Bernanke speech as dollar
weakens[O/R]
* Dollar falls, commodities jump after G20 steps
[MKTS/GLOB]
* Wall St posts third straight weekly gain
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; editing by Malini Menon)
* Reliance Industries at more than 6-month high
* Wipro falls on Credit Suisse downgrade to neutral
(Updates to mid-morning)
MUMBAI, Oct 25 (Reuters) - Indian shares on Monday were
trading 1.3 percent higher on strong foreign fund inflows and
firm Asian peers, with energy giant Reliance Industries
(RELI.BO) leading the charge.
Shares in Wipro (WIPR.BO), the country's third-largest
outsourcer, bucked the trend and fell as much as nearly 3
percent after Credit Suisse downgraded the stock to neutral
from outperform. [ID:nBMA008687]
"We were pretty surprised by the weak revenues, as peers
have been rather bullish," Credit Suisse said in a note.
At 11:38 a.m. (0608 GMT), the 30-share BSE index .BSESN
was up 1.31percent at 20,428.95 points, with 29 of its
components advancing.
"The good subscription to the Coal India IPO (initial
public offering) has shown a lot of confidence in the strength
of the market. The refund money will start coming in this week
too," said R.K. Gupta, managing director of Taurus Mutual Fund.
Coal India's $3.5 billion IPO, the country's largest, was
more than 15 times covered by close last Thursday, giving the
government power to price at the top end of 225-245 rupees
range and building momentum for other state offers.
[ID:nSGE69K0JD]
The world's largest coal miner would begin to refund excess
subscriptions for the IPO, which had an institutional order
book of about $27 billion powered by foreign funds, by late
October or early November.
"Barring a few exceptions, (corporate) earnings have
largely been good," said Gupta.
The benchmark index is up 17 percent so far this year, as
foreign funds have pumped in nearly $24 billion in Indian
stocks.
Reliance Industries, which has the highest weight on the
Sensex, rose as much as 1.8 percent to 1,101 rupees, its
highest level in more than six months.
The stock, has lagged the broader market rally for the year
to date, and is up only 0.9 percent in 2010.
Tata Motors (TAMO.BO) raced 2.1 percent after the Wall
Street Journal reported the vehicle maker's Jaguar Land Rover
is in talks with a Chinese automaker to establish a
manufacturing and sales joint venture in China. [ID:nSGE69N03K]
Dr Reddy's Laboratories Ltd (REDY.BO) was up 1.5 percent
after the No. 2 drugmaker by sales reported on Saturday a 32-
percent jump in quarterly net profit, topping estimates.
[ID:nSGE69L0KW]
Hindustan Unilever (HLL.BO), the country's largest
household products and consumer goods maker was trading 1.8
percent higher ahead of its September-quarter results.
In the broader market, gainers were more than twice the
number of loser on a volume of 187 million shares.
The 50-share NSE index .NSEI was up 1.3 percent at
6,144.80 points.
Elsewhere, the MSCI's measure of Asian markets other than
Japan .MIAPJ0000PUS was up 1.8 percent, while Japan's Nikkei
.N225 shed 0.3 percent.
STOCKS ON THE MOVE
* Piramal Healthcare (PIRA.BO) was down 4.4 percent at
492.75 rupees after the drugmaker said last week it planned to
buy back up to 20 percent equity at 600 rupees a share.
[ID:nSGE69L0I5]
* OnMobile Global (ONMO.BO) was up 1.7 percent at 375
rupees as the mobile content provider said its July-September
net profit more than doubled. [ID:nSGE69O04L]
* Mahindra & Mahindra Financial Services (MMFS.BO) was up
6.5 percent to 697 rupees after the financial services provider
reported a strong quarter driven by robust disbursements and
containing interest cost. [ID:nSGE69L0K2]
MAIN TOP 3 BY VOLUME
* Ballarpur Industries (BILT.BO) on 5 million shares
* Pipavav Shipyard (PIPA.BO) on 2.8 million shares
* K.S. Oils (KSOI.BO) on 2.2 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bonds report
[IN/]
* Dollar resumes drop after G20, eyes on Fed
[FRX]
* Oil tops $82 ahead of Bernanke speech as dollar
weakens[O/R]
* Dollar falls, commodities jump after G20 steps
[MKTS/GLOB]
* Wall St posts third straight weekly gain
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; editing by Malini Menon)
