* Reliance extends losses as partner says one well dry
* Software companies gains on improving sector outlook
(Updates to morning)
MUMBAI, Oct 26 (Reuters) - Indian shares were down 0.2
percent on Monday, pulled down by energy giant Reliance
Industries (RELI.BO) which continued to fall after its
U.K-based partner said on Friday a well the companies drilled
was dry.
Shares in Reliance Industries, which has the heaviest
weight on the Sensex, extended losses and were down 0.9 percent
at 2,028.10 rupees, after partner Hardy Oil (HAOG.L) said it
will stop exploring a well for gas in the D9 block off India's
east coast.
"The stock has shed a lot more than the impact of
abandonment of one D9 well," said Deven Choksey, managing
director and CEO of K. R. Choksey Shares.
"We could see buying coming in for the stock at lower
levels although the pending case with Reliance Natural
Resources (RENR.BO) still bothers," Choksey added.
By 11:13 a.m. (0543 GMT), the 30-share BSE Index .BSESN
was trading down 0.23 percent at 16,771.35, with one-third of
its components declining.
In the broader market, losers outpaced gainers in the ratio
of 1.5:1 in a volume of 104 million shares.
"The market is still consolidating and we might see this
continuing until the end of earnings season. Investors are
reshuffling their portfolios with results trickling in."
Foreign funds which have poured in a total of more than $14
billion in Indian equities so far this year, were net sellers
in two of the four sessions last week.
Lenders, such as State Bank of India (SBI.BO), were down
after a steep rise, Choksey pointed. State Bank was down 1.4
percent but was up over 80 percent so far this year.
Export-focussed software firms gained the most, on
improving sector outlook.
Top outsourcer Tata Consultancy (TCS.BO) firmed 1.2 percent
while rival Infosys Technologies (INFY.BO) was up 0.6 percent.
The 50-share NSE index was down 0.3 percent at
4,982.10.
STOCKS ON THE MOVE
* Ranbaxy Laboratories (RANB.BO) was up 2.7 percent to
382.25 rupees after the top drugmaker reported a standalone net
profit of 1.86 billion rupees compared to a loss of 3.53
billion rupees a year earlier. [ID:nBMA006221]
* Punj Lloyd (PUJL.BO) was down 14.1 percent to 223.80
rupees after the engineering and construction firm reported its
September quarter net profit slid to 0.53 billion rupees from
1.44 billion in the same period a year ago. [ID:nBOM487135]
* Titan Industries (TITN.BO) was down over 6 percent to
1,279 rupees, after the watch and jewellery maker said
July-September net profit fell 10.95 percent. [ID:nBOM482194]
MAIN TOP 3 BY VOLUME
* Thinksoft (THIN.BO) on 5.3 million shares
* Zee News (ZEEN.BO) on 3.7 million shares
* Punj Lloyd on 3.2 million shares
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report
[INR/]
* India bond report
[IN/]
* Dollar falls to 14-mth low vs euro on China report
[FRX/]
* Oil falls below $80 on economic recovery concerns
[O/R]
* Stocks, oil slide on recovery worries
[MKTS/GLOB]
* Wall St falls on weak industrials; transports drag
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; Editing by Jarshad Kakkrakandy)
