India Stocks: Housing Development Finance, Infosys, Sun Pharma

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By Shailendra Bhatnagar

Feb. 28 (Bloomberg) — India’s benchmark Stock Exchange moved between gains and losses today.

Sun Pharmaceutical Industries Ltd., India’s biggest drugmaker, gained after saying it won U.S. approval to sell its version of Roche Holdings AG’s Demadex for the treatment of edema.

The benchmark Sensex rose 3.46, or 0.02 percent, to 17,829.45 as of 10:05 a.m. local time in Mumbai on the last day of the expiry of monthly derivatives contracts and a day ahead of the presentation of the budget for the financial year to March 2009. The measure had advanced 2.8 percent in the past three sessions.

Sun Pharmaceutical Industries Ltd. gained 9.45 rupees, or 0.8 percent, to 1,202.1. Housing Development Finance Corp., the mortgage lender partly owned by Citigroup Inc. gained for a third day. It added 30.6 rupees, or 1.1 percent, to 2,715.

Infosys Technologies Ltd. fell 19.05 rupees, or 1.2 percent, to 1,598.35. India’s second largest exporter of software services declined for a second day.

To contact the reporters on this story: Shailendra Bhatnagar in New Delhi at [email protected]

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