* Tata Consultancy jumps after strong Q2 result, outlook
* Wipro misses forecast; Biocon gains as earnings rise 20
pct
(Updates to afternoon)
By Ami Shah
MUMBAI, Oct 22 (Reuters) - Indian shares seesawed on Friday
propelled by quarterly earnings, with Tata Consultancy Services
(TCS.BO) rallying to an all-time high on robust outlook for
outsourcing and Wipro (WIPR.BO) falling after missing forecast.
Investors were circumspect as a Group of 20 meeting began
in South Korea where officials are seeking a common path on
currencies, trade and macroeconomic imbalances. [ID:nTOE69K01G]
A flood of foreign money flowing into emerging markets
chasing better returns has underpinned Indian stocks, but there
are concerns in the region about the inflows pushing local
currencies up and causing asset bubbles.
At 12:14 p.m. (0644 GMT), the 30-share BSE index .BSESN
was up 0.01 percent at 20,263.39 points, with 17 of its
components advancing.
Kunal Sukhani, manager of institutional equities at Asian
Markets Securities, said investors were rewarding good results
and punishing poor performers.
Tata Consultancy jumped as much as 5.8 percent to a record
1,040.95 rupees 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]
"We have been believers in the strength of the demand
environment and the Tier-I players ability to capture the same.
Infosys (INFY.BO) and now TCS 2QFY11 earnings reports add to
our conviction," Kotak Securities said in a note.
The brokerage raised its end-FY12 target price on TCS to
1,100 rupees from 965 rupees earlier, while retaining a buy
rating.
Wipro, the third-largest outsourcer, fell nearly 4 percent
after missed forecast with a 10 percent rise in second-quarter
profit. [ID:nSGE69L057]
Top-listed biotech firm Biocon (BION.BO) rose 1.3 percent
as its July-September net profit rose by a fifth from a year
ago. [ID:nBMA008678]
Sunder Subramaniam, senior manager of institutional sales
at Sharekhan, said he expected surging foreign fund interest to
support the market.
"It really looks like there is a tsunami of liquidity.
There is nothing to worry as such," he said, referring to a
$3.5 billion IPO by Coal India that was subscribed more than 15
times. [ID:nSGE69K0JD]
The BSE index is up 16 percent this year, thanks to foreign
fund inflows of $23.8 billion.
In the broader market, gainers led losers in a ratio of
1.3:1 on volume of 254 million shares.
The 50-share NSE index .NSEI was down 0.1 percent at
6,094.70.
Elsewhere, the MSCI's measure of Asian markets other than
Japan .MIAPJ0000PUS was up 0.3 percent, while Japan's Nikkei
.N225 rose 0.5 percent.
STOCKS ON THE MOVE
* Novartis India (NOIN.BO) rose 1.3 percent to 655.10
rupees, after the pharmaceutical and crop protection products
maker said late on Thursday quarterly net profit rose 22
percent. [ID:nWNAS9782]
* Indian Bank (INBA.BO) was up 3 percent at 310.35 rupees
as the state-run lender's July-September net profit increased
12 percent. [ID:nBMB011682]
* Bajaj Corp (BACO.BO) was down 4 percent at 681.40 rupees,
as the light hair oil producer posted a 19 fall in September
quarter net profit. [ID:nSGE69K0IT]
MAIN TOP 3 BY VOLUME
* Pipavav Shipyard (PIPA.BO) on 17.8 million shares
* Housing Development Infra (HDIL.BO) on 13.7 million
rupees
* Shree Ashtavinayak (SACV.BO) on 5.4 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bonds report
[IN/]
* Dollar supported as G20 meets,charts offer signposts
[FRX]
* Oil gains on stimulus hopes as G20 finance chiefs meet
[O/R]
* Dollar rises before G20; Asia tech shares up
[MKTS/GLOB]
* Shares rise, whipsawed by dollar, earnings
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; Editing by Ranjit Gangadharan
* Wipro misses forecast; Biocon gains as earnings rise 20
pct
(Updates to afternoon)
By Ami Shah
MUMBAI, Oct 22 (Reuters) - Indian shares seesawed on Friday
propelled by quarterly earnings, with Tata Consultancy Services
(TCS.BO) rallying to an all-time high on robust outlook for
outsourcing and Wipro (WIPR.BO) falling after missing forecast.
Investors were circumspect as a Group of 20 meeting began
in South Korea where officials are seeking a common path on
currencies, trade and macroeconomic imbalances. [ID:nTOE69K01G]
A flood of foreign money flowing into emerging markets
chasing better returns has underpinned Indian stocks, but there
are concerns in the region about the inflows pushing local
currencies up and causing asset bubbles.
At 12:14 p.m. (0644 GMT), the 30-share BSE index .BSESN
was up 0.01 percent at 20,263.39 points, with 17 of its
components advancing.
Kunal Sukhani, manager of institutional equities at Asian
Markets Securities, said investors were rewarding good results
and punishing poor performers.
Tata Consultancy jumped as much as 5.8 percent to a record
1,040.95 rupees 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]
"We have been believers in the strength of the demand
environment and the Tier-I players ability to capture the same.
Infosys (INFY.BO) and now TCS 2QFY11 earnings reports add to
our conviction," Kotak Securities said in a note.
The brokerage raised its end-FY12 target price on TCS to
1,100 rupees from 965 rupees earlier, while retaining a buy
rating.
Wipro, the third-largest outsourcer, fell nearly 4 percent
after missed forecast with a 10 percent rise in second-quarter
profit. [ID:nSGE69L057]
Top-listed biotech firm Biocon (BION.BO) rose 1.3 percent
as its July-September net profit rose by a fifth from a year
ago. [ID:nBMA008678]
Sunder Subramaniam, senior manager of institutional sales
at Sharekhan, said he expected surging foreign fund interest to
support the market.
"It really looks like there is a tsunami of liquidity.
There is nothing to worry as such," he said, referring to a
$3.5 billion IPO by Coal India that was subscribed more than 15
times. [ID:nSGE69K0JD]
The BSE index is up 16 percent this year, thanks to foreign
fund inflows of $23.8 billion.
In the broader market, gainers led losers in a ratio of
1.3:1 on volume of 254 million shares.
The 50-share NSE index .NSEI was down 0.1 percent at
6,094.70.
Elsewhere, the MSCI's measure of Asian markets other than
Japan .MIAPJ0000PUS was up 0.3 percent, while Japan's Nikkei
.N225 rose 0.5 percent.
STOCKS ON THE MOVE
* Novartis India (NOIN.BO) rose 1.3 percent to 655.10
rupees, after the pharmaceutical and crop protection products
maker said late on Thursday quarterly net profit rose 22
percent. [ID:nWNAS9782]
* Indian Bank (INBA.BO) was up 3 percent at 310.35 rupees
as the state-run lender's July-September net profit increased
12 percent. [ID:nBMB011682]
* Bajaj Corp (BACO.BO) was down 4 percent at 681.40 rupees,
as the light hair oil producer posted a 19 fall in September
quarter net profit. [ID:nSGE69K0IT]
MAIN TOP 3 BY VOLUME
* Pipavav Shipyard (PIPA.BO) on 17.8 million shares
* Housing Development Infra (HDIL.BO) on 13.7 million
rupees
* Shree Ashtavinayak (SACV.BO) on 5.4 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bonds report
[IN/]
* Dollar supported as G20 meets,charts offer signposts
[FRX]
* Oil gains on stimulus hopes as G20 finance chiefs meet
[O/R]
* Dollar rises before G20; Asia tech shares up
[MKTS/GLOB]
* Shares rise, whipsawed by dollar, earnings
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; Editing by Ranjit Gangadharan
