REFILE-Indian shares eke out weekly gain; TCS at record

(Refiles to fix figure in para 11)

* BSE Sensex logs first weekly gain in three

* TCS hits all-time high as Q2 earnings beat street view

* Wipro falls as Sept-qtr earnings lag market estimates
(Updates to close)

By Ami Shah

MUMBAI, Oct 22 (Reuters) - Indian shares snapped a two-week
losing streak but closed Friday 0.5 percent lower on weak world
equities and as traders turned cautious on near-term outlook.

Top outsourcer Tata Consultancy Services (TCS.BO) rose as
much as 6.7 percent to a record high of 1,049.90 rupees, after
beating September-quarter earnings estimate, while rival Wipro
(WIPR.BO) shed as much as 5.4 percent as it lagged forecast.

The 30-share BSE index .BSESN shed 0.47 percent or 94.72
points to 20,165.86, with 22 of its components closing in the
red. It rose 0.2 percent on the week.

"The market may be forming an intermediate top," said
Sandip Sabharwal, CEO of portfolio management services at
brokerage Prabhudas Lilladher, who did not rule out a small
correction in near future.

"More or less, we have seen decent results. But, they are
largely turning to be a non-event for the broader market this
time, considering the sharp run up before the results."

So far this year, foreign funds have invested a net $23.8
billion in Indian equities, driving the benchmark index up 15.5
percent.

Investors shovelled in another $5.8 billion into emerging
market funds in the third week of October, with global emerging
market equity funds seeing record inflows for the second time
in three weeks, fund tracker EPFR said. [ID:nSGE69L060]

India's benchmark index has outperformed MSCI's world
equities index .MIWD00000PUS and its emerging markets index
.MSCIEF which have gained 5.4 percent and 11.4 percent
respectively.

"We continue to believe that we are entering another period
of strong growth for tier 1 Indian IT companies," Credit Suisse
said in a note.

It raised its target price on TCS to 1,175 rupees from 940
rupees and maintained an "outperform" rating.

TCS closed 5.7 percent higher after the No. 1 Indian
software services company posted a near 30-percent rise in
quarterly profit and said it expected strong demand for
outsourcing. [ID:nSGE69K0I1]. Infosys Technologies (INFY.BO)
gained 0.7 percent.

Wipro, the third-largest outsourcer, closed 4.5 percent
lower after it missed forecast with a 10-percent rise in
second-quarter profit. [ID:nSGE69L057]

Cigarette-to-hotel business ITC (ITC.BO) shed 1.8 percent,
after rising 3.7 percent in the previous session.

Top-listed biotech firm Biocon (BION.BO) closed 0.3 percent
higher as its July-September net profit rose by a fifth from a
year ago. [ID:nBMA008678]

Declining shares outnumbered advancing ones in the ratio of
1.2:1, on a heavy volume of 561 million shares.

The 50-share NSE index .NSEI dropped 0.6 percent to
6,066.05 points.

Elsewhere, the FTSEurofirst 300 .FTEU3 was down 0.4
percent by 1023 GMT, while the MSCI's measure of Asian markets
other than Japan .MIAPJ0000PUS was barely changed.

STOCKS THAT MOVED

* Novartis India (NOIN.BO) rose 2.9 percent to 665.20
rupees, after the pharmaceutical and crop protection products
maker said late Thursday quarterly net profit rose 22
percent.[ID:nWNAS9782]

* Indian Bank (INBA.BO) gained 0.5 percent to 302.80
rupees as the state-run lender's July-September net profit
increased 12 percent. [ID:nBMB011682]

* Bajaj Corp (BACO.BO) dropped 4.2 percent to 680.05
rupees, as the light hair oil maker posted a 19 percent fall in
as the light hair oil maker posted a 19 percent fall in
September-quarter net profit. [ID:nSGE69K0IT]

* Geometric (GEOM.BO) climbed 1.8 percent to 69.55 rupees,
as the company, which provides products, software and
engineering services, posted a 35-percent jump in quarterly net
profit boosted by higher engineering services revenue.
[ID:nSGE69L09C]

MAIN TOP 3 BY VOLUME

* Pipavav Shipyard (PIPA.BO) on 38.3 million shares

* Shree Ashtavinayak (SACV.BO) on 18.9 million shares

* Housing Development Infra (HDIL.BO) on 15.9 million
rupees

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bonds report
[IN/]
* Dlr pares losses, Geithner calls for rebalancing
[FRX]
* Oil gains as weak U.S. data raises stimulus hopes
[O/R]
* Dollar slides before G20, gold and oil rise
[MKTS/GLOB]
* Shares rise, whipsawed by dollar, earnings
[.N]
* For closing rates of Indian ADRs
INADR
(Editing by Malini Menon)