Indian shares closed 0.23 percent higher on Tuesday in choppy trade after shedding most of their morning gains, as investors took profits from a near three-month-long rally, dealers said. The benchmark 30-share Sensex rose 34.28 points to 14,874.91, its fifth straight day of gains.
Share prices rose one percent in early trade, close to the key 15,000-point level but fell intra-day on profit-taking. The Sensex has risen nearly 85 percent in 12 weeks since early March. "The markets have risen fast, they need to correct and consolidate. Retail investors are still absent from the rally," said Suhas Samant, a fund manager at local brokerage Sharekhan.
The Congress-led government is set to present its budget in early July and its focus is expected to be on spurring growth even at the risk of a wider fiscal deficit. Gainers led losers 1,664 to 1,130 on turnover of 94.38 billion rupees (two billion dollars). Tata Steel, rose 36.1 rupees or 8.24 percent to 474.05 while Tata Motors rose 11.2 rupees or 3.31 percent to 349.15. HDFC rose 96.4 rupees or 4.19 percent to 2,394.95.
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