Rally in IT stocks pushes up Sensex

MUMBAI, OCT. 4. Sentiment on bourses dramatically changed for the better following a smart rally in IT counters and the Sensex recovered moderate ground to close up by 34 points on the Bombay Stock Exchange on fresh purchases prompted by another stocks upsurge on Wall Street yesterday.

Fresh buying support was also attributed to expectations that technology companies would announce encouraging working results for the second quarter of the current year.

The BSE benchmark 30-share index opened higher at 2763.17 and later gradually moved upwards to the day's high of 2798.69 before closing at 2788.97 against yesterday's close of 2754.95, a net rise of 34.02 points or 1.23 per cent. The broad-based BSE-100 index also improved by 16.84 points to 1296.96 from 1280.12.

The Nasdaq composite index shot up by 88.44 points or 5.93 per cent yesterday in the second successive upsurge that was termed as a biggest rally in American stocks since last spring. The Dow Jones Industrial Average also climbed by another 173.19 points or 1.93 per cent.

For the first time in the last nine months of this year, foreign institutional investors reportedly were net sellers to the tune of Rs. 416 crores in September. However, the FIIs have made net investments of Rs. 146 crores in four sessions between September 26 and October 1.

In the specified group, 110 including 23 index-based counters registered marked to minor gains while 55 others finished with losses.

The BSE-200 and the Dollex-200 were quoted up at 285.78 and 99.21 against 282.34 and 98.01 respectively. The BSE-500 improved by 9.69 points to 842.15 from 832.46. The Dollex-30 was up at 477.43 against 471.60.

The volume of business improved to Rs. 1,110.34 crores from Rs. 871.94 crores yesterday.

- PTI

Send this article to Friends by E-Mail

Section  : Business
Previous : Investor Protection Fund launched
Next     : Bharti to expand Chennai operations