Sensex up by more than 200 pts, Infosys surge
Reversing the downward trend of the last four trading session, the benchmark Sensex on the BSE posted a gain of over 200 points on Wednesday on buying by funds.business Updated: Mar 05, 2008 17:17 IST
Reversing the downward trend of the last four trading session, the benchmark Sensex on the Bombay Stock Exchange posted a gain of over 200 points on Wednesday on buying by funds as well as retail investors into heavyweight stocks, particularly IT shares.
The 30-share Sensex recorded a gain of 202.19 points at 16,542.08, after touching day's high of 16,595.64 and a low of 16,253.02 points.
The BSE barometer was on falling streak for the last four trading sessions before Wednesday and had plunged nearly 1684 points.
The wide-based National Stock Exchange index Nifty also rose by 57.15 points at 4,921.40 on Wednesday. It touched the day's high of 4,936.75 and a low of 4,847.25 points.
IT stocks led by Infosys Technologies rose smartly after the rupee traded five-month low against the US dollar. Marketmen said IT stocks became attractive as for most of these companies over 50 per cent of the software business comes from the US markets.
IT sector index gained the most by 138.06 at 3,752.47 points after Infosys Technologies, the second largest software services exporter, rose by Rs 54.95 at Rs 1,474.85, its sharpest rise in percentage terms since February 21. Tata Consultancy Services also gained Rs 21.15 to Rs 874.70, its highest since Februay 28. Wipro was up by Rs 13.55 at Rs 430.75.
Second biggest mover was the oil and gas segment which increased 164.63 points at 10,330.75 as sector leader Reliance Industries shot up by Rs 51.25 at Rs 2,292.75 and ONGC by Rs 29.20 at Rs 987.90.