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MARKET EYE-Indian shares off lows; IT stocks at record highs
October 7, 2013 / 9:45 AM / 4 years ago

MARKET EYE-Indian shares off lows; IT stocks at record highs

* Indian shares pare declines as software services exporters
extend gains on hopes of strong results for the July-September
quarter, given a recovery in the sector's core markets, analysts
say.
* Tata Consultancy Services Ltd up 2.6 percent after
earlier touching a record high of 2,091.75 rupees while HCL
Technologies Ltd gains 2.2 percent after reaching an
all-time high of 1,129.55 rupees.
* However, caution prevails for non-IT companies ahead of the
July-September earnings season for blue chips, which starts on
Friday when Infosys Ltd announces its results.
* Traders add that weakening growth and high inflation could
have weighed on corporate earnings.  
* The benchmark index down 0.3 percent and the broader
NSE index 0.3 percent lower, after earlier falling more
than 1 percent each.
* Banking stocks slump. ICICI Bank Ltd is down 1.8
percent, while HDFC Bank Ltd falls 1.5 percent. 
* Tata Motors Ltd falls 1.2 percent on profit taking
after touching an all-time high at 364.80 rupees on Friday.
* Weak global shares also dented the sentiment as U.S. lawmakers
showed no signs of making any progress to resolve the budget
standoff. 

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)

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