IT bellwether Infosys Technologies' impressive fourth quarter earnings and paring inflation figures powered a strong rally on the stock market, which today ended 270 points up on across-the-board buying interest.
Shares of Infosys Tech jumped 2.15 per cent after the company announced higher-than-expected earnings of Rs 1,124 crore for the January-March quarter -- which was 69.27per cent higher from Rs 664 crore in the year-ago period.
Infosys hit a high of Rs 2,121 during the day but later profit booking pared the gains and it closed at Rs 2,087.60.
The Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) opened firm at 13,163.02 and later surged to the day's high of 13,421.05 before ending the day at 13,384.08, a net rise of 270.27 points or 2.06 per cent over yesterday's close of 13,113.81.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also flared up by 87.50 points or 2.28 per cent to close at 3,917.35 from last close of 3,829.85.
IT shares hogged the limelight following the impressive results of Infosys, while bank stocks surged to a strong finish as inflation fell below six per cent after more than two months and stood at 5.74 per cent in the last week of 2006-07.
The fall in inflation at the last financial year might ease pressure on the central bank to tighten monetary policy.
Initially, the market reacted to weak Asian cues and tasted a low of 13,119.88.
Hong Kong, Japan, South Korea and Taiwan indices ended in negative territory.