Sensex up 411 points in midsession
The BSE Sensex maintained its rising trend since last week as it shot up by more than 400 points at midsession on Monday on funds buying blue-chip stocks led by the software and realty sectors.business Updated: Jul 20, 2009 16:17 IST
The BSE Sensex maintained its rising trend since last week as it shot up by more than 400 points at midsession on Monday on funds buying blue-chip stocks led by the software and realty sectors.
A firm opening in European and Asian stock markets further fuelled sentiment and 30-share Sensex climbed 411.46 points to 15,156.38 at 1330 hrs.
The 50-share National Stock Exchange index Nifty rose by 117.25 points, or 2.68 per cent, to 4,492.20.
The upsurge was supported by information technology shares after segment major Tata Consultancy Services, a leading software developers and Sensex-linked firm, recorded handsome gains of over 17.42 per cent after its first-quarter profit beat analysts’ estimates.
The current rally recorded a gain of 9.2 per cent last week, recovering most of the 9.5 per cent loss a week earlier after the Budget revealed the widest budget deficit in 16 years and failed to lay out firm plans to sell state assets.
The stocks' rating was raised to "equal-weight" from "underweight" at Morgan Stanley, which said uncertainty over earnings in the current fiscal year has been reduced.
Foreign institutional investors bought a net Rs 292 crore of Indian stocks on July 16.