* Concerns of general election outcome keep investors wary
* Exit polls due after the market closes
* Shares could get boost if strong govt emerges - Mirae
* Infosys, HDFC Bank lead losses; DLF rises on stake sale
(Updates to late morning)
MUMBAI, May 13 (Reuters) - Indian shares were choppy on
Wednesday after gaining more than 4 percent in the previous
session, as investors awaited exit polls when voting ends
around 5 p.m. (1130 GMT) in month-long national elections.
Concerns a weak coalition could emerge just as the country
battles an economic slowdown are keeping investors wary, even
though the market rallied on Tuesday on speculation the
Bharatiya Janata Party (BJP)-led opposition group, seen as
market friendly, would win, traders said.
"There is nervousness, and there is bound to be some profit
booking," Amitabh Chakraborty, president of equities at
Religare Securities, said.
Outsourcer Infosys Technologies (INFY.BO), private-sector
lender HDFC Bank (HDBK.BO) and diversified cigarette maker ITC
(ITC.BO) were the main losers, but gains in real-estate firm
DLF Ltd (DLF.BO) and Housing Development Finance Corp (HDFC.BO)
supported the main index.
By 11:43 a.m. (0613 GMT), the 30-share BSE index .BSESN
was down 0.2 percent at 12,129.01 points, with 18 stocks
declining, after opening up 0.4 percent. Trading is expected to
be choppy through the session.
The benchmark has jumped more than 50 percent from its 2009
low in early March, in step with a global rally.
Indian shares are not cheap after the rally, but will get a
boost if a strong government emerged in the elections and
jump-started spending on infrastructure projects, South Korean
money manager Mirae said. [ID:nHKG183086]
The final stage of voting in a closely fought general
election between the ruling Congress-led alliance and the
BJP-led group began on Wednesday. A third front of regional and
communist parties are also in the fray. [ID:nSP502694]
No. 2 IT-services firm Infosys fell 1.5 percent to 1,574.50
rupees, while HDFC Bank shed 1.7 percent to 1,169 rupees. ITC
slipped 1.3 percent to 189.35 rupees.
Leading listed real-estate firm DLF Ltd (DLF.BO) gained 6.5
percent to 251.55 rupees on heavy volume after its founders
sold around 11 percent of their stake, raising more than $800
million.
ICICI Securities upgraded the stock to "buy" from "sell,"
while several analysts saw the stake sale as positive for the
company and the realty sector as it showed fund raising was
possible.
In the broader section, gainers led losers almost 2 to 1 on
relatively heavy volume of 302.2 million shares, largely due to
DLF.
The 50-share NSE index was down 0.2 percent at
3,673.75.
MAIN TOP 3 BY VOLUME
* DLF on 173.4 million shares
* Suzlon Energy (SUZL.BO) on 9.4 million shares
* Unitech (UNTE.BO) on 7.5 million shares
STOCKS ON THE MOVE
* Top mortgage lender Housing Development Finance Corp rose
3.25 percent to 1,901 rupees after Morgan Stanley upgraded the
stock to "overweight" from "equalweight" and raised its price
target to 2,150 rupees from 1,600 rupees.
* Asian Paints (ASPN.BO) rose 5 percent to 943.10 rupees
after the country's top paints maker posted a forecast-topping
9 percent rise in March-quarter net profit.
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee edges lower on choppy stocks, polls
[INR/]
* Indian bond yields off highs on bargain buying
[IN/]
* Dollar hits 4-month lows, extends broad slide
[FRX/]
* Oil rises towards $60 on US stockdraw, eyes recovery [O/R]
* US dollar drops to 4-mth low, oil near $60 [MKTS/GLOB]
* Pfizer, Coke lift Dow, but Nasdaq off; Intel up late
[.N] * For closing rates of Indian ADRs
INADR (Reporting by Pratish Narayanan; Editing by
Ranjit Gangadharan)
