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Indian shares gain 0.84 percent to record high

MUMBAI - Indian share prices rose 0.84 percent in choppy trade on Thursday hitting a new record close, despite unsurprising second quarter earnings growth from Indian software exporter Infosys, dealers said.

They said buying in capital goods, metals and property stocks propped up the markets, while software stocks fell.

The Mumbai stock exchange’s Sensex index rose 155.82 points to a record 18,814.07, beating its previous best of 18,658.25 on Wednesday. Losers led gainers 1,383 to 1,347 on volume of 72.3 billion rupees (1.83 billion dollars).

The market also struck a fresh intraday high of 18,832.65, beating its previous best of 18,703.67 on Wednesday.

Software stocks fell sharply as Infosys, which is struggling with a rising rupee, barely met analysts expectations.

Infosys showed an 18.4 percent rise in net profit to 11 billion rupees (280 million dollars) in the quarter ended September 30, from 9.3 billion rupees a year earlier, led by new clients and higher fees.

Infosys fell 148.55 rupees or 6.99 percent to 1,976 rupees while the largest software exporter TCS fell 53.05 rupees or 4.72 percent to 1,071.9.

“Buying was sketchy in early trade as Infosys data disappointed the markets. Heavyweights rose later on a fresh burst of liquidity,” said a dealer with brokerage ULJK Securities.

As of Thursday’s close, the Sensex had risen 36.4 percent in 2007, led by record overseas fund flows of nearly 16 billion dollars for the year.

The rupee was flat against the dollar at a nine-and-a-half year high of 39.31 while it fell against the euro against the euro to 55.76 from 55.51.

State-run engineering firm Bharat Heavy Electricals rose 90.5 rupees or 3.89 percent to 2,421.2 while India’s largest property company DLF rose 26.1 rupees or 2.92 percent to 918.55.