(Refiles to fix typo in first paragraph)
* Strong global sentiments offset weak corporate result
* Market level difficult to sustain - analyst
* SBI net beats estimates; non-performing assets rise
By Anurag Kotoky
NEW DELHI, Feb 13 Indian shares edged 0.14
percent higher after a choppy trading session on Monday, as
hopes of stability in Greece improved global risk appetite and
offset weak corporate earnings at home.
The main 30-share BSE index closed 24.15 points up
at 17,772.84, with almost two-thirds of its components gaining.
"Choppiness is a sign of nervousness. This is a thumb rule.
We are at a level which is difficult to sustain at a fundamental
basis," said Arun Kejriwal, an analyst at research firm KRIS.
"We have some reason to celebrate on account of Greece
coming to some sort of compromise, we have some reasons to
celebrate that results are not as bad as expected. So we are
just about holding," he said.
The Greek parliament's approval of austerity measures to
secure a much-needed bailout lifted the euro and European
shares, although with further steps needed before the shadow of
a debt default can be lifted, gains may be limited.
Foreign funds have pumped in about $4 billion into Indian
shares this year, in sharp contrast to net outflows of about
$500 million in 2011, data from the market regulator showed.
"A very strong liquidity momentum is going on... If
liquidity is the order of the day, then fundamentals tend to
take a back seat," said Jagannadham Thunuguntla, head of
research at SMC Global Securities in New Delhi.
Top lender State Bank of India recovered some of
its losses to end 2.2 percent lower, weighing on the benchmark
the most. The bank beat market expectations with a 15 percent
rise in third-quarter net profit as interest income rose.
However, net non-performing assets rose.
ICICI Bank, the biggest private sector
lender ended almost flat, while smaller rival HDFC Bank
added 0.86 percent.
Shares in Wipro Ltd, India's No. 3 export-driven
software services firm, slumped 2.9 percent to become the
biggest percentage losers on the main index after Goldman Sachs
downgraded it to "sell" from "neutral." The bank said the
company may continue to lag its large-cap peers in terms of
revenues and earnings per share.
Energy conglomerate Reliance Industries, India's
biggest listed firm and which contributes more than a tenth to
the benchmark, rose 0.71 percent to 849.25 rupees. On Sunday,
the company said it signed a pact with France's Dassault
Aviation for partnering in the Indian defence and
homeland security sector.
DLF Ltd, the country's largest listed developer,
ended 0.24 percent lower, after dropping as much as 5.4 percent,
as its quarterly profit fell 45 percent and the company warned
of rising costs in upcoming quarters.
Reliance Communications ended down 0.05 percent
after the country's No.2 mobile operator reported its 10th
straight quarter of declining profit as interest costs soared.
Bigger rival Bharti Airtel fell 0.64 percent,
while Idea dropped 1.4 percent.
Shares of Tata Power Ltd ended
2.53 percent lower after the company posted a 40 percent fall in
its consolidated third-quarter net profit.
The 50-share NSE index closed 0.16 percent up at
5,390.20. In the broader market, there were about equal number
of losers for every gainer, with 751.9 million shares changing
At 1012 GMT, the FTSEurofirst 300 index of top
European shares was up 0.66 percent. World stocks, as measured
by the MSCI world equity index, rose 0.48
STOCKS THAT MOVED
* Suzlon Energy Ltd fell 7.6 percent after the
wind turbine maker on Saturday posted a wider December-quarter
loss of 2.86 billion rupees.
* Diary and bakery products maker Britannia Industries
rose almost 5 percent after its December-quarter net
profit climbed 45 percent.
* Television broadcaster Sun TV slumped 6.3 percent
after its December quarter net profit fell 25 percent.
MAIN TOP 3 BY VOLUME
* IFCI on 50.6 million shares
* Suzlon on 39.8 million shares
* Unitech on 17.1 million shares
FACTORS TO WATCH
* India bond report
* India rupee report
* Greek ratification of austerity lifts euro
* Oil gains on Greece deal relief
* Greek progress lifts appetite for euro, shares
* U.S. stock futures signal higher Wall St open
* For closing rates of Indian ADRs
* For Foreign institutional investor flows
(Editing by Aradhana Aravindan)
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