IT, metals help mkts rebound; Sensex ends 87 pts up
A sharp rally in the IT and metals counters following renewed buying by funds helped the benchmark Sensex recover its early losses and snap also the four-day fall today, rebounding by 87 points despite weak Asian cues and almost flat European opening.business Updated: Jan 13, 2010 17:21 IST
A sharp rally in the IT and metals counters following renewed buying by funds helped the benchmark Sensex recover its early losses and snap also the four-day fall today, rebounding by 87 points despite weak Asian cues and almost flat European opening.
The Bombay Stock Exchange barometer initially touched a more-than two weeks low of 17,276.46 before but bounced back to settle at 17,509.80, up 87.29 points or 0.50 per cent.
The rebound was led by the IT and tech counters and metals. The IT stocks continued to be the favourites of the investors following the better-than-expected Q3 results by the country's second largest software services exporter Infosys yesterday. The BSE IT index soared 3.84 per cent today.
The country's largest software exporter TCS rallied by 5.23 per cent followed by Tech Mahindra by 4.07 per cent, Infosys by 3.82 per cent and Wipro by 3.02 per cent. The rise is TCS counter is on the back expectation that the company will do an encore of Infosys with its results on Friday.
From the BSE sectoral BSE-IT index, all 13 stocks ended with smart gains and index spurted by 199.35 points or 3.84 per cent, mainly helping the Sensex gains. The metal counter rose 0.75 per cent led by Hindalco which rose by 2.63 per cent and Tata Steel that jumped 2.16 per cent, also helped the market gain.
Brokers attributed early weakness to sluggish Asian markets. The Shanghai Composite index ended lower by 3.09 per cent, the Hang Seng by 2.59 per cent, Kospi by 1.60 per cent, Taiwan Weighted by 1.36 per cent, the Nikkei by 1.32 per cent and Strait Times by 0.95 per cent.