Indian shares up

Indian share prices closed 0.40 percent higher on Monday led by local fund buying, dealers said. They said the stock market ended the year up 47.1 percent on record overseas investment of nearly 17 billion dollars, compared to 7.99 billion dollars in 2006.
The 30-share Mumbai stock exchange Sensex index rose 80.04 points to 20,286.99. Dealers said the market was now focused on the US economy and the impact on corporate earnings of an expected slowdown there. "We expect the Indian market to consolidate at current levels in the new year as concerns of a slowdown in US economic growth persist," said Apurva Shah, the head of research at broker Prabhudas Lilladher.