India's BSE index slipped on Thursday after earlier rising to its highest intraday level in nearly 2-1/2 months as software exporters fell after revenue warnings by rivals and eurozone worries led to concerns about June-quarter results. The BSE sub index for software stocks fell 0.41 percent.
The 30-share BSE index fell 0.27 percent after earlier marking its highest daily level since April 20, while the 50-share NSE index lost 0.1 percent.
In midday trade Indian shares edged up in rangebound trade. Gains were, however, limited as shares of Infosys and other software exporters fell after rivals issued revenue warnings and eurozone worries over Greece's default led to concerns about June-quarter results.
Market research firm Gartner Inc said on Tuesday that world-wide IT spending would decline 5.5 percent in 2015, which analysts attributed to the rising US dollar. "IT companies' business model is changing, so slippages in quarterly results would continue for a while," said Deven Choksey, managing director at K R Choksey Securities.
On the domestic front, monsoon progress, which has been above expectation, and reforms such as land acquisition bill would be key to the stock market performance, according to traders. Oil retailers were the top gainers among BSE large-cap stocks. Hindustan Petroleum Corp rose 4.9 percent, Bharat Petroleum Corp gained 2 percent and Indian Oil Corp surged 5.2 percent.