Sensex ends at record high, tech scrips lead rally
Heavy buying by funds and market players in technology shares drove Sensex to a record high of 10,941.11.india Updated: Mar 20, 2006 20:20 IST
Heavy buying by funds and market players in technology shares drove the benchmark Sensex to a record high level of 10,941.11 points level on the Bombay Stock Exchange on Monday.
Tech scrips led by Infosys and Tata Consultancy Services pushed up the Sensex by 81.07 points to 10,941.11, surpassing the record 10,878.74 set on March 16. The National Stock Exchange index Nifty also gained 31.60 points at 3265.65.
Software exporters gained after reports signalled the US economy expanding without fuelling inflation. The US accounts for about 60 per cent of Indian software companies revenue.
Technology scrips were also in positive territory as their ADR performed better in the US markets last week.
The market was bullish following finance minister statement that RBI would announce steps aimed at allowing the Rupee to trade freely against other currencies.
IT sector index spurted by 102.97 points at 3947.60 on the back of firm tech scrips like - Infosys added Rs.87.45 at Rs.2,964.85, Wipro by Rs.23.60 to Rs.544.10 and Tata Consultancy Services by Rs.49.05 at Rs.1,908.60.
Metal index shot up by 175.52 points at 7783.14 followed by Teck index by 61.05 points at 2636.57. PSU index was higher by 24.86 points at 5888.37 and Oil and Gas index by 21.33 points at 4716.41. Consumer durable index rose by 19.01 points at 3250.11, Capital goods index by 12 points at 8038.82, Healthcare index by 9.18 points at 3618.96, FMCG index by 8.42 points at 2043.27, Bank index by 4.81 points at 5314.89 and Auto index by 2.03 points at 5347.57.
BSE midcap index rose by 43.62 points at 5095.28 and smallcap index by 14.35 points at 6263.42. However, Nifty junior lost 41.35 points at 6323.25.