Sensex rises 465 points to touch 2-month high
Led by an aggressive buying in the Information Technolgy, banking and realty stocks on strong global cues, the Bombay Stock Exchange benchmark Sensex shot up 2.5% or 465 points to 18,815.6 extended its rally to a fourth straight trading session today. HT reports. Software surgebusiness Updated: Mar 26, 2011 00:45 IST
Led by an aggressive buying in the Information Technolgy (IT), banking and realty stocks on strong global cues, the Bombay Stock Exchange (BSE) benchmark Sensex shot up 2.5% or 465 points to 18,815.6 extended its rally to a fourth straight trading session on Friday. This was the best weekly gain by the index in 20 months.Similarly, the broad-based National Stock Exchange index Nifty rose by 132 points to 5,654.0, after touching the day's high of 5,667.0
"Friday's rally was led by IT heavyweights such as Infosys, TCS and Wipro after reports stated that Nasscom has requested the centre to extend the software technology parks of India scheme for one year," said Amar Ambani, head (research), India Infoline. "IT stocks also received a boost following strong results from Oracle and Accenture," he said.
Stocks of the software companies jumped after strong quarterly results and forecasts from global technology majors Oracle Corp and Accenture indicated a positive business environment for Indian IT companies.
The IT sector index gained the most by rising 4% to 6,344.6, followed by Tech index- up 3.5% at 3,729.3. Infosys, the country's second-largest software exporter shot up 5.23% to Rs 3,162, Wipro by 3.68% to Rs 455.9 and Tata Consultancy, the largest software firm by 2.26 % to Rs 1,118.
The Banking index rose by 2.7% to 12,926 and the realty sector by 2.7% to 2,238.