India Shares Open Higher - Wall Street Journal (India)

By ASHUTOSH JOSHI MUMBAI--Indian shares opened higher Friday, tracking gains across Asia after the Dow Jones Industrial Average hit a fresh high for the third straight day Thursday. At 0433 GMT, the Bombay Stock Exchange's S&P BSE Sensex was up 0.8% at 19567.30 points, while the National Stock Exchange's 50-share Nifty index gained 0.8% to 5911.90 points. Traders said signs of an improving U.S. economy are positive for major Indian software services exporters, which have risen sharply this year. The BSE's IT sector index is up 23.8% so far this year, compared with a 0.7% rise in the benchmark Sensex. Still, software companies were trading lower early Friday as some profit-taking set in. Infosys fell 1.0% to 2,975.50 rupees, while Tata Consultancy was 0.3% lower at 1,585.60 rupees. The two software majors had gained 1.3% and 2.1%, respectively, on Thursday. Investors are awaiting the Reserve Bank of India's decision on interest rates at its March 19 meeting and word about possible reform initiative during the fiscal year starting April 1 from the government. Until those matters are clarified, local shares will likely track global trends, with profit-taking hitting some frontline stocks, traders said. Sport utility vehicles maker Mahindra & Mahindra was up 1.4% at 897.00 rupees, after it said late Thursday a strike at its plant in western India had been called off. Earlier news reports said employees at Mahindra's plant in Nashik city had stopped work after the company suspended a striking union leader. Consumer goods maker Hindustan Unilever rose 0.9% to 436.95 rupees because of bargain hunting after it fell 1.7% Thursday. Cigarette maker ITC was up 1.1% at 294.90 rupees. via Top Stories - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHMLF8SIGoaWfaQE92JBBWbA5FuFA&url=http://online.wsj.com/article/SB10001424127887323628804578347383316747750.html

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