* BSE index gains 0.31 pct; adds 2.5 pct for week
* NSE index ends 0.31 pct higher; gains 2.7 pct for week
* TCS ends 2.5 pct; Wipro gains 1.8 pct
By Indulal PM
MUMBAI, July 18 Indian shares edged higher on
Friday, gaining for a fourth consecutive session, after Tata
Consultancy Services' better-than-expected earnings sparked a
rally in IT stocks and offset global concerns about the downing
of a Malaysian airliner in Ukraine.
The broader NSE index rose 2.7 percent for the week,
recovering some of its 3.8 percent fall last week when investors
reacted with disappointment over the lack of major reforms in
Prime Minister Narendra Modi's maiden budget on July 10.
Trading is expected to be dominated by corporate earnings in
the near term, with investors also expected to pay close
attention to global factors after a Malaysian plane was shot
down in eastern Ukraine, stoking tensions between Russia and the
Foreign investors have been an integral part behind the
NSE's 21.6 percent gain so far this year. Overseas investors
bought Indian shares worth 19.12 billion rupees ($317.7 million)
on Thursday, bringing their total investment in Indian shares so
far to $11.45 billion, exchange and regulatory data showed.
"We are into the earnings season and there could be
stock-specific moves. Markets would be largely news driven.
There are geo-political concerns, but we still believe its a
buy-on-dips market for quality stocks," said Jagannadham
Thunuguntla, head of research and chief strategist at SMC Global
The benchmark BSE index ended 0.31 percent higher
at 25,641.56. The index gained 2.5 percent this week.
The broader NSE index also gained 0.31 percent to
Technology shares were leading the gains, with IT index of
the NSE ending 1.3 percent higher after TCS'
consolidated net profit for the three months to June 30, rose to
a stronger-than-expected 50.58 billion rupees ($840.5 million)
from 39.87 billion rupees a year earlier.
Shares in TCS gained 2.5 percent, Wipro Ltd ended
1.8 percent and Infosys Ltd added 0.4 percent.
Among other gainers, lenders further extended their winning
streak after the central bank on Tuesday exempted long-term
bonds raised for the infrastructure and affordable housing
sector from reserve requirements.
NSE bank index or bank nifty gained 6.5 percent
this week, the best weekly gain in eight, after falling 7.1
percent in the previous week.
IDFC Ltd rose 2.9 percent, ending up 10.3 percent
for the week, ICICI Bank Ltd gained 2.1 percent, while
Axis Bank Ltd ended 2.1 percent higher.
Shares of Indian non-banking financial companies, which take
gold as collateral, surge after the central bank issued draft
guidelines for those seeking a license to set up a payments
banks or a small bank.
Muthoot Finance Ltd surged 3.6 percent, while
Manappuram Finance Ltd ended up 3.1 percent.
Bucking the trend, power equipment makers and energy stocks
fell. Bharat Heavy Electricals Ltd ended 1.9 percent
lower, while Tata Power Co Ltd ended down 2.5 percent
and NTPC Ltd closed 0.5 percent lower.
For additional stocks on the move double click
FACTORS TO WATCH
* Yen hands back some gains as Ukraine effect cools
* Oil pushes above $108 on downed airliner,
* Ukraine unrest, Gaza keep pressure on shares, bonds
* Foreign institutional investor flows
* For closing rates of Indian ADRs
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........ Japan....... S.Korea...
S.E. Asia....... Hong Kong... Taiwan....
Australia/NZ.... India....... China.....
Wall Street .... Gold ....... Currency..
Eurostocks..... Oil ........ JP bonds...
ADR Report ..... LME metals. US bonds..
Stocks News US.. Stocks News Europe
DIARIES & DATA:
Indian Data Watch Asia earnings diary
U.S. earnings diary European diary
Indian diary Wall Street Week Ahead
Eurostocks Week Ahead
For top Asian company news, double click on:
U.S. company news European company news
Forex news Global Economy news
Technology news Telecoms news
Media news Banking news
Politics/General Asia Macro data
(Editing by Anand Basu)