IT stocks rally to help BSE Sensex close 225 points higher
The Bombay Stock Exchange (BSE) Sensex reversed yesterday's loss, rising 1.35 percent, Wednesday, to its highest close this week, helped by strong tech stocks that soared as the rupee fell to a 13-month low.
BSE Sensex falls marginally ahead of national budgetThe 30-share benchmark index climbed 225.49 points to 16,978.35, its highest close since May 8, with 22 components ending higher. The index touched a high of 17,014.94 and a low of 16,626.35 during intraday trade.
The index, which hit a record high of 21,206.77 on Jan. 10 and climbed 10.5 percent in April, is down about 16.85 percent in 2008.
The best performer of the day was India's largest IT services provider and software exporter, Tata Consultancy Services (TCS) which surged 7.09 percent to Rs.969.95.
Smaller rivals Infosys Technologies, Wipro and Satyam Computer Services performed well too, advancing 4.53 percent, 1.90 percent and 1.04 percent to Rs.1826.30, Rs.503.60 and Rs.501.10 respectively.
Auto majors Maruti Suzuki and Tata Motors soared 3.51 percent and 1.01 percent to Rs.797.20 and Rs.672.55 respectively.
Telecom majors Bharti Airtel and Reliance Communications jumped 3.31 percent and 2.50 percent to Rs.848.40 and Rs.559.30 respectively.
Top listed petrochemical refiner Reliance Industries (RIL) and engineering and construction major Larsen & Toubro (L&T) gained 1.14 percent and 0.56 percent to Rs.2529.95 and Rs.2830.40 respectively. The two stocks contribute to nearly a third of the weight of the index.
Infrastructure developer Jaiprakash Associates rose 2.57 percent to Rs.259.75 while real estate major DLF gained 1.29 percent to Rs.622.95.
Among financial stocks, Housing Development Finance Corporation (HDFC) and ICICI Bank advanced 2.74 percent and 0.95 percent to Rs.2731.10 and Rs.896.25 respectively.
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