Indian shares edged up 0.13 percent on Friday, snapping three days of losses, but most intraday gains were erased as investors unwound positions ahead of the weekend, dealers said. The benchmark 30-share Sensex index rose 21.07 points to 16,810.81. Trading was cautious as the Sensex lost ground in afternoon trade, slipping from the day's high of 17,006.77, as energy-giant Reliance Industries fell.
Reliance shares fell 86.25 rupees, or 4.04 percent, to 2,047.3 after its partner, Britain's Hardy Oil and Gas, said Friday it was abandoning work at an exploratory oil well in the Krishna Godavari basin, in east India. "The markets were choppy, with investors still keen to take profit from recent highs," said a dealer with brokerage Jamnadas Morarjee.
Gainers led losers 1,414 to 1,327 on turnover of 51.02 billion rupees (1.09 billion dollars). Infosys Technologies, rose 48.7 rupees, or 2.2 percent, to 2,211.5, while rival TCS rose 13.65 rupees, or 2.18 percent, to 627.5.
Dr Reddy's Laboratories rose 56.1 rupees, or 6.21 percent, to 960.2, after the company reported Friday a doubling of net profit in the second quarter, aided by the launch of new drugs in overseas markets. Maruti Suzuki India, rose 30.4 rupees or 2.04 percent to 1,517.35, ahead of its second quarter earnings on Saturday.