Overcoming initial pressure, the Bombay Stock Exchange 30-share Sensex surged by 318 points to end at a six-month high of 11,284.63 on Wednesday on revival of buying support.
Initially, the market touched a low of 10,719.18 as IT bellwether Infosys Technologies this morning came out with a discouraging forecast for the current year.
Today's rally for the Sensex being for the eighth day in a row, the index registered a net gain of 317.51 points or
2.90 per cent over its previous close.
The National Stock Exchange's 50-share Nifty also firmed up by 101.55 points or 3.00 per cent to close at 3,484.15 from its last close.
Brokers said sustained net purchases by foreign funds and expectations of further monetary steps by the Reserve Bank of India also boosted market sentiment later in the day.
Foreign institutional investors (FIIs) pumped in more than Rs 580 crore in equity on Monday, as per provisional
They attributed the early setback to a 1.71 per cent dip in the fourth-quarter earnings of Infosys over the previous
quarter, which negatively impacted IT stocks during the day. Infosys Tech was down by 2.72 per cent at close.