Sensex recovers 83 points in opening trade
After yesterday's fall, the benchmark Sensex recovered by almost 83 points in the opening trade on fresh buying by funds in software exporters and some other heavyweight stocks.business Updated: Dec 18, 2008 10:42 IST
After yesterday's fall, the benchmark Sensex recovered by almost 83 points in the opening trade on Thursday on fresh buying by funds in software exporters and some other heavyweight stocks.
The Bombay Stock Exchange barometer, which had lost 261.69 points in a choppy session yesterday, moved up by 82.87 points to 9,798.16, with Banking, IT, Teck, Auto and PSU sector stocks trading in the positive zone.
The wide-based National Stock Exchange's Nifty rose by 19.40 points to 2,973.75 points.
Stock brokers said reports that foreign funds, who have been major sellers during the year, made sizeable buying on the bourses this month, influenced the trading sentiments.
They said overnight gains up to 50 per cent in Indian companies' ADRs, led by Satyam Computers, even in a weak US market yesterday also had its positive impact.
Satyam Computers, which witnessed all-round selling yesterday, recovered by Rs 9.25, or 5.85 per cent to Rs 167.30 after the company called off acquisition plan of two infrastructure businesses.
Other gainers in the Information Technology sector were Infosys Technologies, up Rs 16.15, or 1.42 per cent to Rs 1,155.95, Tata Consultancy Services by Rs 6.10, or 1.28 per cent to Rs 483.20 and Wipro by Rs 4.25, or 1.75 per cent to Rs 247.25, lifting the IT sector index by 2.20 per cent at 2,303.63 points.
Some other major shares trading firm on the bourses were largest domestic lender State Bank of India up by Rs 18.45, or 1.54 per cent to Rs 1,219.70, ICICI Bank Rs 7.780, or 1.78 per cent to Rs 439.50, HDFC Bank by Rs 18.95, or 1.89 per cent to Rs 1,021 and HDFC Ltd by Rs 11.05, or 0.72 per cent to Rs 1,544. Also in the green zone were Sterlite Industries, Tata Motors, Tata Power and BHEL.