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    Indian shares edge up on foreign buying; Infosys falls

    Picture of Unitech logoUnitech
    23/12/2013 11:35
    * BSE index closes up 0.1 pct; NSE index gains 0.16 pct 
    * Infosys falls after another key executive resigns 
    * Blue chips including ITC gain on foreign buying support 
    * Realty stocks edge higher on value buying 
 
    By Himank Sharma 
    MUMBAI, Dec 23 (Reuters) - Indian shares edged higher on 
Monday, as blue chips gained on continued foreign inflows 
despite last week's decision by the U.S. Federal Reserve to 
start reducing its bond purchases, although a fall in Infosys 
Ltd  INFY.NS  capped broader gains. 
    Foreign institutional investors (FIIs) bought a net of 
$492.4 million in cash shares in the previous two trading 
sessions, according to exchange and regulatory data, even after 
the Fed announced on Wednesday it was trimming monthly bond 
purchases by $10 billion. 
    Foreign buying has helped calm nerves in a market that has 
come to depend on these flows, as overseas funds have net 
invested $19.9 billion so far this year. 
    The uncertainty around the QE taper is behind us and the 
market has digested that news, and compared to other emerging 
markets, India is definitely well poised to attract incremental 
FII flows," said S. Krishna Kumar,  head equity at Sundaram 
Mutual Fund. 
    "We do expect sustained foreign-investor interest, including 
foreign direct investment, as growth also recovers." 
    The benchmark BSE index  .BSESN  closed up 0.1 percent at 
21,101.03 points, while the broader NSE index  .NSEI  gained 
0.16 percent to close at 6,284.50 for a second consecutive day 
of gains. 
    Blue chips gained on FII flows, with ITC Ltd  ITC.NS  
closing 1.3 percent higher. Tata Steel Ltd  TISC.NS  ended up 
1.2 percent, while Oil and Natural Gas Corp  ONGC.NS  closed up 
1.4 percent. 
    Real estate companies, seen as oversold in recent months, 
rose on value-buying, while public sector banks also made gains 
after the Reserve Bank of India surprised investors by holding 
interest rates last week. 
    Among real estate shares, DLF Ltd  DLF.NS  closed up 4.3 
percent, Housing Development & Infrastructure Ltd  HDIL.NS  
ended higher 7.8 percent and Unitech Ltd  UNTE.NS  rose 3.6 
percent.  
    However, software exporter Infosys Ltd fell 2.3 percent 
after the resignation of V. Balakrishnan, who headed several 
business units. His exit was the latest departure by a top 
executive since co-founder Narayana Murthy returned as executive 
chairman.  ID:nL3N0JZ2J7  
    Shares in United Spirits Ltd  UNSP.NS  closed down 3.6 
percent following an Indian court's order annulling the sale of 
the Indian spirits maker to British group Diageo PLC  DGE.L , 
though Diageo said it would appeal the decision.  ID:nL3N0JZ31V  
 
   For additional stocks on the move double click  MEYE          
      
   FACTORS TO WATCH                                              
* Dollar slips in thin trade, Fed taper offers support    FRX/  
* Brent hits 2-wk high near, South Sudan supply in focus   O/R  
* U.S. growth hopes help shrug off China jitters     MKTS/GLOB   
* Foreign institutional investor flows         INFII   INFII01   
* For closing rates of Indian ADRs                       INADR   
                        
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