Indian shares fell 1.19 percent on Friday as investors unwound positions ahead of the weekend, dealers said. The benchmark 30-share Sensex index fell 200.88 points to 16,642.66. Despite a fall in the rupee against the dollar and the euro Friday, trading remained cautious as export-oriented firms weighed up the risks of the relatively firm local currency.
A strong rupee hits earnings of India's software firms which bill most of their US-based clients in dollars. India's second-largest software exporter Infosys Technologies beat market forecasts with its earnings, showing a surprise 7.5 percent quarterly jump in consolidated net profit to 15.4 billion rupees (330 million dollars).
Infosys shares rose nearly four percent after the results to a day's high of 2,293.65 rupees on the Mumbai stock exchange but retraced to close at 2,178.35, down 32.9 rupees or 1.49 percent, as investors took profits. Losers led gainers 1,792 to 968 on turnover of 57.07 billion rupees (1.22 billion dollars). TCS fell 11.35 rupees or 1.98 percent to 561.7 while the third-largest firm Wipro fell 12.25 rupees or 2.17 percent to 552.85.