Sensex reverses losses as Infosys, RIL surge
A recovery move was witnessed on the Bombay Stock Exchange at midsession on Wednesday as benchmark Sensex gained nearly 188 points on revival of buying by funds in heavy-weight stocks led by Infosys and Reliance Industries.
The Sensex, which remained in bearish form for the last four trading sessions by losing over 1,486 points, bounched back by 188.35 points at 16,528.24 at 1430 hours.
The weakening trend reversed after the heavyweights Reliance Industries, Infosys and Tata Consultancy Services gained notably on heavy buying by investors.
Infosys, the nation's second largest software services exporter, rose by Rs 44.65 to Rs 1,464.55, its steepest percentage rise since February 21. TCS gained Rs 22.45 to Rs 876, its highest since February 28.
Reliance Industries, world's third biggest refiner, rose by Rs 17.50 to Rs 2,259 and ONGC advanced Rs 21.30 to Rs 980 after Macquarie Research raised its rating to "outperform" from "neutral" and increased its share price estimate to Rs 1,100 from Rs 1,050 on expectation that crude oil prices will remain high.