Sensex at 2-wk high, up 161 points as Infosys,TCS climb to record

Sensex Thursday trimmed its earlier losses but was still quoting down by seven points in late morning trade due to profit-booking in metal, refinery, auto, banking and FMCG sector stocks despite firm global advices.

Published: 07th March 2013 09:51 AM  |   Last Updated: 07th March 2013 04:29 PM   |  A+A-

Sensex1_PTI
By PTI

Wiping off initial losses, the BSE benchmark Sensex today surged by nearly 161 points to a two-week high of 19,413.54 as shares of Infosys and Tata Consultancy Services climbed to record high levels on optimism the US will soon be back on growth track.

After a lower start, the Sensex spurted by 160.93 points, or 0.84 per cent to 19,413.54. The gauge has now gained 536 points in three sessions.

The broad-based National Stock Exchange index Nifty rose by 44.70 points, or 0.77 per cent to 5,863.30, after opening lower at 5,801.30.

Infosys surged 1.29 per cent to Rs 3,004.75, its highest level after March, 2011 and Tata Consultancy Services, the largest software exporter closed at a new high by adding 2.10 per cent to end Rs 1,590.45.

Engineering major L&T shot up by 2.08 per cent to Rs 1,463.45, continuing its rise after CLSA Asia-Pacific Markets upgraded rating on the counter today. Goldman Sachs had upgraded the stock on Monday.

Brokers said besides momentum in interest-rate sensitive stocks ahead of the RBI's policy review this month on hopes of a rate cut, stocks of software companies surged on hopes of a recovery in the US growth and a better Europan trend before central bank policy meetings in the region.

Indian software companies get over 50 per cent of their revenues from the US and European markets.

Traders said the Dow Jones Industrial Average hit a new high yesterday as the US service industry grew at the fastest pace in a year amid optimism the Federal Reserve will maintain stimulus measures to support the economy.

In 30-BSE index components, 20 stocks climbed while 10 ended lower. The realty sector index gained the most by 1.68 per cent to 2,069.08, followed by IT index by 1.66 per cent to 7,059.60. The capital goods index rose by 1.59 per cent to 9,676.88 and banking index by 0.86 per cent to 13,733.93.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp