Sensex gains to support IT sector at lower levels
2009-03-06 13:40:19 - Sensex recovered by 49 points after a weak opening on emergence of buying by funds in fundamentally strong stocks.Bombay Stock Exchange barometer, which had lost over 150 points at the outset, was trading higher by 49 points at 8,246.92 at 1200 hrs with most of the banking and capital goods shares posting smart gains.
Sensex, after making forty month bottom in the yesterday day trading, was in flux with safe and selected buying by investors and institutions led इन IT sector shares market gained support lower levels before ending with a gain of 127.90 points to 8,325.82 and Nifty of the NSE rose by 43.45 points to 2,620.15. Bombay Stock Exchange benchmark Sensex on Friday closed nearly 128 points higher on funds buying blue-chips led by software exporters.Meanwhile, wide-based National Stock Exchange's index, Nifty, rose by 15.10 points to 2,591.80.
Analyst said the market turned green as investors purchased fundamentally strong shares available at attractive low levels. Sustained heavy selling in last two trading sessions pulled down the market to a 40-month low level.IT sector index gained the most by rising 3.05 per cent to 2,072.32, led by a steep rise in Infosys, a heaviest on the index.Infosys, the second-largest software exporter, gained 3.08 per cent to Rs 1,219.20 as the rupee headed for its third weekly drop.
Tata Consultancy Services, the largest, added 3.84 per cent to Rs 480.80, and Wipro, the third-biggest, by 3.37 per cent to Rs 213.20.Over 50 per cent revenue of the Indian software companies comes from the US markets.
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