Sensex crosses 3300 mark

MUMBAI, NOV. 26. Bolstered by a sharp rise in IT bellwether, Infosys, new economy shares rallied smartly, lifting the Sensex by 70.57 points to close at 3322.77 at the Bombay Stock Exchange (BSE) today following sustained buying from foreign funds.

Heavyweight, Infosys, spurted in line with last Friday's rise of $3.16 in the company's ADRs on the Nasdaq which aided the Sensex rise. The Nasdaq composite index finished up by 28.15 points.

Additional support to the Sensex gains came from a sharp upswing in old economy counters such as Reliance, State Bank of India, Tisco, Grasim, Gujarat Ambuja Cements and Reliance Petroleum that helped the key sensitive index clear the crucial 3300-level today, a dealer said.

Mid and small cap new economy shares continued their northward journey following good enquiries from speculators as well as retail investors, he added.

Mirroring the trend, the BSE-30 share sensitive index opened firm at 3262.93, which was also the day's low, and moved up further to a high of 3335.95 before concluding at 3322.77 against last Friday's close of 3252.20, a steep gain of 2.17 per cent.

The broad-based BSE-100 index also flared up by 40.06 points to 1577.73 from 1537.67 previously.

A sharp rally in new economy shares could be gauged by a strong improvement in the BSE-IT index, which shot up by 120.34 points or 8.69 per cent to 1505.71.

Foreign Institutional Investors (FIIs) reportedly picked up shares of Infosys, Satyam Computer, Wipro, Digital Global and few second-line IT stocks.

United Breweries, Hinduja TMT and Nocil hit the 20 per cent upper price band at close while Zee Telefilms hit the 10 per cent upper circuit filter.

In the specified group, 136 including 20 index-based scrips registered gains while 37 others closed with losses.

The BSE-200 index and the Dollex-200 were quoted substantial up at 346.83 and 120.25 against last Friday's close of 338.61 and 117.35 respectively. The BSE-500 index rose by 24.99 points to 1025.68 from 1000.69 previously. The Dollex-30 also moved up to 568.10 from 555.80.

The volume was relatively up at Rs. 1,514.67 crores against Rs. 1,400.69 crores last Friday. Infosys was the most active share with a turnover of Rs. 201.81 crores followed by Wipro, Satyam Computer, Digital Global and Global Telesystems.

- PTI

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