Sensex up 140 points in early trade
The Bombay Stock Exchange benchmark Sensex rose by 140 points in early trade on Friday on buying by funds in IT stocks on the back of better first quarter results announced by software major Infosys Technologies.
The 30-share index, which had lost 38.02 points in highly volatile session yesterday, recovered 140.12 points to 14,066.36.
The wide-based National Stock Exchange index's Nifty rose by 53.30 points to 4,215.50 in the first five minutes of trade.
Stock brokers said trading sentiments were mainly buoyed by strong earnings from Infosys Technologies, which posted a consolidated net profit of Rs 1,302 crore for the quarter ended June 30, 2008, a 20.66 per cent growth over the corresponding period a year ago.
They said overnight gains in the US market and firming Asian stock markets too influenced the trading sentiments here.
Among technology stocks, Infosys Technologies traded Rs 14.55 higher to Rs 1,819.80, Wipro rose by Rs 6 to Rs 437, while Tata Consultancy gained Rs 9.50 to Rs 878.50.
Other gainers, which also supported the Sensex were BHEL, Larsen and Toubro, Grasim Industries, Reliance Industries, ONGC, ACC, State Bank of India and Tata Motors.