Indian share prices closed 0.28 percent higher on Tuesday in choppy trade led by property and drug companies, dealers said. They said the market, which has clocked eight straight days of gains, could consolidate as worries persist over the extent of the US subprime mortgage problem. The benchmark 30-share Sensex index rose 43.35 points to 15,465.40.
"The market is likely to be rangebound until global concerns ease. We are likely to see volatility," said Naresh Garg, the chief investment officer with the Sahara Mutual Fund.
Dealers said the volatility could increase as the next US Federal Reserve meeting draws close. Analysts say the US central bank may cut benchmark interest rates from 5.25 percent at its next review on September 18. Gainers led losers 1,744 to 991 on volume of 49.99 billion rupees (1.22 billion dollars).
The rupee fell against the dollar to 40.91 from 40.88 but was unchanged against the euro at 55.7. India house lender HDFC rose 59.3 rupees or 2.98 percent to 2,059.9, while India's second largest software exporter Infosys Technologies rose 26.75 rupees or 1.44 percent to 1,888.7. India's largest property firm DLF closed up 12.9 rupees or 2.11 percent to 623.7.
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