Millennium Post

Rally in IT stocks lifts Sensex by 282 points to fresh 6-month high

The BSE benchmark Sensex on Friday rose by over 282 points to close at a fresh six-week high led by gains in Information Technology (IT) sector stocks as Infosys surged by 11 per cent on smart first quarter results, while NSE index Nifty crossed the 6,000-mark for the first time in one-and-a-half months.

The 30-share index kick-started the day on a firm note at 19,904.84 as country's second largest IT services firm Infosys posted better-than-expected quarterly results. Sensex rose further to close the day higher by 282.41 points, or 1.44 per cent, at 19,958.47.

This is Sensex's highest closing level since 20,215.40 on 30 May. It had ended higher by 381.94 points on Thursday.Similarly, the wide-based National Stock Exchange index Nifty gained 73.90 points, or 1.25 per cent, to close at 6,009.00. This is the first time since closing at 6,124.05 on May 30 that the index has ended above the 6,000 level.

Also, SX40 index, the flagship index of MCX-SX, closed 144.07 points, or 1.23 per cent higher at 11,888.88.Brokers said the trading sentiment bolstered as Infosys began the earning season by reporting 4 per cent jump in consolidated net profit for the April-June quarter at Rs 2,374 crore.

The sentiment improved further on firming global trend on optimism policymakers from the US to Japan will maintain stimulus, they said.
Out of the 30 BSE index components, 22 stocks closed with gains led by Infosys, the third heaviest on the gauge, rising by 10.92 per cent to Rs 2,802.75.

The biggest software exporter Tata Consultancy Services shot up by 2.94 per cent to Rs 1,606.10 and Wipro by 3.34 per cent to Rs 375.50. The three carry nearly 15 per cent weightage on the benchmark.Oil refinery major Reliance Industries, carrying the highest weightage on the Sensex, zoomed by 2.21 per cent to Rs 889.60.Sectorwise, the IT sector index gained the most by rising 6.46 per cent to 6,825.82, followed by technology index by 5.13 per cent to 3,973.38.
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