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Mumbai: Indian shares reversed early losses and nudged higher on Wednesday, led by top listed Reliance Industries and helped by a firm opening in Europe, but record high oil prices were a concern.
Financial stocks remained under pressure on inflation worries and possible monetary measures by the central bank to rein in prices, traders said.
Tata Steel, the world's No 6 steelmaker, rose 3.1 per cent to Rs922.25, its highest close since January 7, on media reports it had signed up for iron ore mines in east India.
"There is an intrinsic traction. Strong buying comes in at lower levels," Rajesh Jain chief executive at Pranav Securities said. "Some recovery in Asia and positive opening by European markets added to the confidence."
The 30-share BSE index ended up 0.08 per cent, or 12.98 points, at 17,243.16, with 14 components rising. The benchmark has lost 15 per cent so far in 2008.
In the broader market 1,709 gainers beat 1,008 losers on volume of 422.7 million shares.
Traders said they expected the market to remain rangebound till the expiry of monthly futures contract next week, with support at 16,950 and resistance at 17,500.
The 50-share NSE index rose 0.25 per cent to 5,117.65.
Reliance Industries, which has the heaviest weight of more than 16 per cent in the BSE index, rose 2.5 per cent to Rs2,667.90, its highest close in two weeks.
ICICI Bank down
Leading private lender ICICI Bank fell 1.8 per cent to Rs911.25 and HDFC Bank dropped 3.5 per cent to Rs1,413, its lowest close since April 17, on worries more monetary tightening would squeeze margins.
US oil futures climbed to a record above $130 a barrel, indicating there would be little respite to high inflation across countries.
The BSE Bank index fell 1.4 per cent. Top mortgage lender Housing Development Finance Corp shed 3.1 per cent to Rs2,688.20.
State-run power equipment maker Bharat Heavy Electricals rose two per cent to Rs1,771.70 after a top government official said proposals for a fourth mega power plant would be called in a few weeks.
Mercator Lines closed 6.3 per cent up at Rs123.45 after a company official told Reuters the company expects to earn 50-60 per cent revenue from non-shipping business and plans an investment of up to $500 million in 2008-09.
Elsewhere in the region, Karachi's 100-Share index rose 0.5 per cent to 13,974.48.
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