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Indian shares end flat in volatile trade; Infosys falls
November 20, 2012 / 11:28 AM / 5 years ago

Indian shares end flat in volatile trade; Infosys falls

* BSE index falls 0.05 pct; NSE ends flat
    * Winter session, political realignments key
    * Mahindra & Mahindra hits all-time high

    By Abhishek Vishnoi
    MUMBAI, Nov 20 (Reuters) - Indian shares ended flat on
Tuesday, with Infosys falling as a recent uptick in the stock
was seen as unjustified given concerns over its business
outlook, while Mahindra & Mahindra rose to a record on
expectations of improving sales during the festival season.
    A cautious market ahead of the winter session of parliament,
which starts on Thursday, also tracked lower European shares
after a credit rating agency stripped France of its top-notch
    Investors are looking for signs of the government's resolve
to continue with reforms after introducing a slew of measures in
September, including opening up the multi-brand retail and
aviation sectors to foreign investors.
    "The market is at a crossroad and waiting for an
announcement from the government side," said R.K. Gupta,
managing director at Taurus Mutual Fund. Markets could take a
direction from the developments during the parliament's winter
session, added Gupta.
    The benchmark BSE index fell 0.05 percent, or 9.68
points, to end at 18329.32 points, falling for the seventh day
in the last eight sessions.
    The broader NSE index ended flat at 5571.55 points,
after rising as mush as 0.76 percent earlier in the day.
    Infosys, India's second-largest software exporter,
fell 1.4 percent, retreating after gaining 2.7 percent over the
previous two sessions on concerns about its business outlook.
    The software firm continues to see a challenging demand
environment, Kotak Institutional Equities said in a report
citing a conversation with Infosys new CFO Rajiv Bansal. 
    Utility vehicle maker Mahindra & Mahindra rose 3.3
percent, after earlier hitting a record high of 942.40 rupees
and heading towards a fourth consecutive month of gains, on
expectations of improving sales during the festival season. 
    Shares in Lupin rose 1.11 percent after the
company said its arm, Lupin Pharmaceuticals, has launched a
generic version of Abbott Laboratories' cholesterol
lowering drug TriCor in the United States. 
    However, shares in DLF Ltd fell 2.4 percent,
extending declines after news channel CNBC TV18 reported the
Delhi High Court has dismissed the property company's challenge
against a probe by India's markets regulator. 
    DLF was not ready to comment immediately as they were yet to
receive the court order, a spokesman said. 
    Among midcap movers, shares in Eicher Motors 
gained 1 percent on hopes of strong demand at its two-wheeler
unit Royal Enfield in the festive season. 
    Macquarie initiated its coverage on Eicher Motors on Monday
with an "outperform" rating citing capacity expansion in
motorcycles, market share gain in heavy trucks and the start of
production of Volvo's medium-duty engines. 
    Shares in Excel Crop Care Ltd rose 8.2 percent
after a TV news channel reported that an expert panel told
India's top court that endosulfan pesticide could be used in
farms for the next two years. 
    Visa Steel jumped 10.25 percent after the company
and SunCoke Energy Inc announced a joint venture in
which Suncoke will invest about $67 million to acquire a 49
percent interest.  
    For additional stocks on the move double click       
   FACTORS TO WATCH                                             
* Euro steady as Greece optimism offsets France downgrade 
* Brent steady above $111 on U.S. hopes, Mideast tension   
* European shares slide as euro zone worries resume  
* 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..... 
   OTHER MARKETS:                                               
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                                   
   TOP NEWS:                                                    
   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      <ECONASIA 

 (Additional reporting by Manoj Dharra; Editing by Prateek

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