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Indian shares edge higher; Yellen's speech, Jan CPI on watch
* BSE index gains 0.14 pct; NSE ends 0.15 pct higher
* Tata Motors surges after unit JLR margins beat estimates
* IT stocks gain after Nasscom says exports seen picking up
in FY15
By Abhishek Vishnoi
MUMBAI, Feb 11 (Reuters) - Indian shares rose on Tuesday as
Tata Motors rallied after its quarterly earnings surged on
strong results at unit Jaguar Land Rover, while software
services providers gained after an industry body predicted
exports would improve.
However, broader gains were in check as Reliance Industries
fell after Delhi Chief Minister Arvind Kejriwal said
he has asked for legal cases to be filed against company
Chairman Mukesh Ambani and policymakers over pricing of gas.
Investors are next expected to look at consumer inflation
due on Wednesday, which is expected to have eased to 9.4 percent
in January from a year earlier, compared with 9.87 percent in
December, according to a Reuters poll of analysts.
Globally, emerging markets will also focus on the testimony
by Federal Reserve Chair Janet Yellen to the U.S. Congress later
in the day.
"Moderation in retail inflation would be positive but that
would lead to only a small rally. Big positions would not be
taken till global markets give a decisive move," said Paras
Adenwala, managing director and principal portfolio manager at
Capital Portfolio Advisors.
The benchmark BSE index rose 0.14 percent, or 29.10
points, to 20,363.37.
The broader NSE index gained 0.15 percent, or 9.25
points, to 6,062.70.
Foreign investors sold Indian shares worth $72.2 million,
for an eighth consecutive session on Monday, totalling sales of
$655 million.
Shares of Tata Motors Ltd surged 2.9 percent after
the company's third-quarter net profit tripled to the highest in
a year-and-a-half on strong demand for its luxury Jaguar Land
Rover vehicles.
Software (Xetra: 330400 - news) services exporters gained after industry body
Nasscom said exports from the sector would grow 13-15 percent in
the fiscal year starting in April, up from 13 percent in fiscal
2013/14.
Infosys (NYSE: INFY - news) rose 0.6 percent, Tata Consultancy
Services ended higher 0.4 percent and HCL Technologies (BSE: HCLTECH.BO - news)
gained 4 percent.
Idea Cellular Ltd (BSE: IDEA.BO - news) rose 2.6 percent on value-buying
after the stock slumped 8.44 percent on Monday, its biggest
single-day fall since Oct. 23, 2008 after rising prices in a
mobile spectrum auction set off concerns about profit margins.
Bajaj Electricals surged 9.3 percent after the
company's December-quarter profit rose 71.5 percent to 200.3
million rupees, beating some analysts' estimates.
Tata Steel rose 1.9 percent ahead of its earnings
later in the day.
Bharat Forge gained 6 percent after the company
said it will merge two of its units.
However, among other stocks that fell, Reliance Industries
fell 2 percent after Delhi chief minister Kejriwal said Ambani's
company had created an artificial shortage to "blackmail" the
government to set higher prices.
A Reliance spokesman declined to comment on the allegations.
Dr.Reddy's Laboratories Ltd fell 0.4 percent on
profit-taking even after company's December-quarter results beat
expectations, dealers said.
For additional stocks on the move double click
FACTORS TO WATCH
* Dollar at two-week low ahead of Yellen; Aussie firms
* Brent edges toward $109 on optimism Yellen may assure
* Gold, shares up ahead of Yellen
* 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 (Editing by Subhranshu Sahu)
