MUMBAI (Reuters) - Indian shares rose slightly in choppy trade on Friday on hopes for strong second-quarter earnings, but concerns about weakness in the U.S. economy may cap the upside, traders said.
A U.S. Federal Reserve official expressed concern about inflation on Thursday, increasing expectations for more interest-rate rises, while disappointing economic data have fuelled worries about the world's largest economy.
The 30-share BSE index rose 0.4 percent to 8,564.95 points as gainers beat losers more than two to one in active trade of 20 million shares. The 50-issue NSE index rose 0.7 percent to 2,596.60 by 0505 GMT. "Cheaper crude prices and earnings hopes are the positives driving the market right now. Concerns on global factors seem to be receding, and will be less of a factor next week," said Rahul Jain, an institutional sales dealer at Prabhudas Lilladher.
The BSE index has gained 29 percent since the start of June alone, making India Asia's second-best performing major market after South Korea in 2005, as foreign funds have moved nearly $8.6 billion this year, more than the sum in all of 2004.
* Software services firms rose ahead of their second-quarter earnings. Top exporter Tata Consultancy Services climbed nearly 1 percent to 1,438.80 rupees and number three Wipro gained more than 1 percent to 394.70.
* Refiners rose on cheaper crude oil, with top refiner Indian Oil Corp. gaining nearly 1 percent to 475.75 rupees and Hindustan Petroleum Corp. adding more than 1.5 percent to 333 rupees.
* Consumer goods makers gained on hopes that a good monsoon would boost revenues from the rural market. Leader Hindustan Lever Ltd. rose more than 2 percent to 178.85 rupees and ITC Ltd. added nearly 1 percent to 128.70 rupees.
* Drug maker Ranbaxy Laboratories rose 1.6 percent to 527 rupees, after Reuters reported it may win a British court ruling next week against Pfizer on patents protecting anti-cholestrol Lipitor.
* Bajaj Auto Finance Ltd. rose nearly 2 percent to 369 rupees after the company said its board would meet on Oct. 13 to consider a further issue of shares.
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