Indian shares rose 0.57 percent Wednesday, shedding most intraday gains, on news the country's software sector would grow by a lower-than-forecast 16 to 17 percent this financial year, dealers said. The benchmark 30-share Sensex index added 52.55 points to 9,201.85, off the day's high of 9,338.21.
"Profit booking in index heavyweights and reports of a lower revenue earnings forecast for the software sector saw the market trim morning gains," said Advait Date, dealer at brokerage BHH Securities. Shares of fraud-hit Satyam fell 6.79 percent or 3.65 rupees to 50.1, as India's market regulator Securities and Exchange Board of India (Sebi) began questioning the company's founder B. Ramalinga Raju over a billion-dollar accounting fraud.
In Wednesday's trade, losers led gainers 1,278 to 1,148 on turnover of 29.35 billion rupees (603 million dollars). Tata Consultancy Services (TCS) fell 0.85 rupees or 0.17 percent to 499.05, reacting to NASSCOM's lower export revenue forecast for the software industry. Tata Steel rose 8.45 rupees or 4.95 percent to 179.15.