Indian shares edge up in choppy trade; techs gain

* Shares edge higher in see-saw trade

* IT cos gain as outlook seen improving

* Reliance Inds down after no major AGM announcements
(Updates to morning)

MUMBAI, Nov 18 (Reuters) - Indian shares were stronger on
Wednesday after a choppy opening, with software companies up on
hopes of an improving business environment, with overall
momentum was capped by caution with the index above 17,000
points.

Sector leader Tata Consultancy (TCS.BO: Quote, Profile, Research) was up 1.9 percent,
and rivals Infosys (INFY.BO: Quote, Profile, Research) and Wipro (WIPR.BO: Quote, Profile, Research) climbed 1.8
percent and 2.1 percent respectively, helped by a view that
conditions in major economies were picking up.

At 10:51 a.m. (0521 GMT), the 30-share BSE Index .BSESN
was up 0.2 percent at 17,084.70, with 16 components gaining.

The index has risen more than 11 percent from a 2-½ month
low hit on Nov. 3, and is edging back towards 1-½ year highs
hit last month.

"You can't make a clear case for market direction at high
valuations like these," said Neeraj Dewan, director of Quantum
Securities.

"There is a tussle going on as people are booking profits
and at the same time there is also more liquidity coming in,"
he added.

Energy giant Reliance Industries (RELI.BO: Quote, Profile, Research) was down 0.7
percent at 2,119 rupees, extending Tuesday's fall after
Chairman Mukesh Ambani did not unveil any specific major
acquisition or project plans at the annual shareholders
meeting. [ID:nBOM357621]
"There is always speculation about big takeaways from the
Reliance AGM. But nothing big came up and stock is coming off,"
Dewan said.

Banks edged lower. The sector index was down 0.3
percent, but was still up more than 10 percent this month.

Top lender State Bank of India (SBI.BO: Quote, Profile, Research) fell 0.4 percent to
2,340.80 rupees and ICICI Bank (ICBK.BO: Quote, Profile, Research) was down 0.3 percent
at 915.80 rupees.

In the broader market, gainers were more than double the
number of losers in a volume of 87 million shares.

The 50-share NSE index .NSEI was up 0.3 percent at
5,076.65.

STOCKS ON THE MOVE

* Software services firm Patni Computer (PTNI.BO: Quote, Profile, Research) rose 3.3
percent to 491.50 rupees. The Economic Times reported Nippon
Telepgraph and Telephone Corp (9432.T: Quote, Profile, Research), Japan's largest phone
company, had entered the race to buy a majority stake in the
company. [ID:nBOM526236]

* State-run oil marketing companies Bharat Petroleum Corp
(BPCL.BO: Quote, Profile, Research) and Hindustan Petroleum Corp (HPCL.BO: Quote, Profile, Research) were down 0.9
percent and 2.5 percent respectively as oil traded above $79 a
barrel. These companies are required to sell retail fuel
products at state-set prices.

MAIN TOP 3 BY VOLUME

* Suzlon Energy (SUZL.BO: Quote, Profile, Research) on 5.1 million shares

* Mahindra Satyam (SATY.BO: Quote, Profile, Research) on 4.5 million shares

* Unitech (UNTE.BO: Quote, Profile, Research) on 2.1 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report [INR/]
* India bond report [IN/]
* Dlr drifts sideways before U.S. data, BOE minutes [FRX/]
* Oil rises after big U.S. crude stocks draw [O/R]
* Gold hits another high, Asian shares rebound [MKTS/GLOB]
* Wall St gains on broker views, but retailers sink [.N]
* For closing rates of Indian ADRs INADR
(Reporting by Ami Shah; Editing by John Mair)