Indian shares close above 15,000 for first time

India's benchmark share index hit a sixth straight record high on Monday and closed above 15,000 for the first time, buoyed by gains in software services and telecoms stocks on expectations of good quarterly results.

Export-driven software services firms such as Infosys Technologies and Tata Consultancy Services extended gains even as some analysts expected them to report their earnings were hit by the rupee's rise of almost 7 percent against the dollar in the June quarter.

"There is a feeling that the overall business visibility is still high," said Sandeep Neema, a fund manager with JM Financial Mutual Fund.

"Guidance in dollar terms could remain the same or could be upped in some cases, and people are not expecting any significant further appreciation in rupee for the time being at least."

The 30-share BSE index ended up 0.55 percent, or 81.61 points, at a record close of 15,045.73, after rising to a record high of 15,085.22 during trade. The index has risen 2.7

percent so far this month, hitting a record high each day.

More gains were expected. Citigroup expects the index to

reach 16,000 by year end, and 18,400 at the end of 2008.

Citigroup said it was "overweight" on banks, capital goods, information technology services, telecom and media stocks, and was "underweight" on energy, materials, pharmaceuticals and utilities.

Second-ranked software exporter Infosys, which kicks off the results season for the sector on Wednesday, rose 1.1 percent, and sector leader Tata Consultancy rose 1.5 percent. Both stocks posted their highest closes since June 15.

Infosys is forecast to report a rise of more than 21 percent rise in net profit for the June quarter, a Reuters poll showed.

Engineering and construction firm Larsen & Toubro Ltd., which reports its results on July 19, hit a record high during trade before closing up 2.2 percent. The stock has gained 21 percent since the end of May.

Shares in top mobile firm Bharti Airtel Ltd. gained 2 percent on expectations strong subscriber growth would help it post a better-than-expected rise in earnings, traders said.

Twenty-one of the benchmark index's component stocks rose. In the broader market, 1,626 gainers beat 1,036 losers on volume of 267.6 million shares.

The 50-share NSE index ended up 0.79 percent at a record close of 4,419.40, after hitting a lifetime high of 4,427.55 during the day.

Elsewhere in the region, Karachi's 100-share index added 0.25 percent to a record close of 14,020.90, after hitting a lifetime high of 14,079.26. But Colombo's All-Share index ended 0.52 percent lower at 2,510.92, its lowest close since May 30.

STOCKS THAT MOVED

* Shares in construction firm Roman Tarmat Ltd. closed at 319.85 rupees on their debut, after listing at 295 rupees, a 69 percent premium to their issue price of 175.

* Shares in Yash Birla group firms Zenith Brila, Birla Kennametal and Birla Power Solution surged after reports that the group planned a merger of the firms, as well acquisitions, investments and the sale of non-core units to steamline operations and focus on textiles, autoparts, lifestyle and power. Shares in Zenith Birla rose 20 percent, Birla Kennametal 5 percent and Birla Power 4.2 percent.

MAIN TOP THREE BY VOLUME

* IFCI Ltd. on 17.3 million shares

* Roman Tarmat Ltd. on 8.2 million shares

* Reliance Natural Resources Ltd on 4.2 million shares