Indian shares rise 1.22 percent

Indian shares rose for a third straight day on Friday, closing up 1.22 percent after a bout of speculative and local investor buying, dealers said. They said stocks recovered after opening weaker following losses on Wall Street overnight which saw the Asian markets falter for much of the day.
Buying was seen in blue chip index and select state-owned companies. The benchmark 30-share Sensex opened down 2.4 percent before recovering smartly to close up 125.42 points or 1.22 percent at 10,401.3. "The markets opened weak following global trends but made a comeback in afternoon trade. We could see investors booking profits at these levels," said R. Balakrishnan, director with Parallex Consultancy Services Ltd. The stock markets will be open Sunday for a short session to test software.