Sensex gains 132 points; IT stocks in limelight

Moving up for the third day in a row, the BSE benchmark Sensex today gained nearly 132 points on funds buying in bluechips led by IT stocks amid a weak rupee and renewed expectations of US Fed easing monetary policy to boost growth prospects.

The Sensex, which had gained 57 points in last two sessions, advanced further by 131.47 points, or 0.76 per cent, to 17,118.81 on back of steep rise in Infosys and Tata Consultancy Services which notched up smart gains in the 2.75-3.5 per cent range.

The broad-based National Stock Exchange index Nifty rose by 39.15 points, or 0.75 per cent, to 5,248.15.

Brokers said the IT stocks remained major supporter to the market helped by the weaker rupee and hopes for more stimulus from the US Fed after data showed cooling US growth.

They also said a higher opening in European markets after Spain's economy shrank less than forecast in the first quarter, also supported the uptrend in domestic markets.

TCS, which surged 3.5 per cent, led the gains in Sensex stocks, was followed by Jindal Steel [3.41 per cent], Infosys [2.75 per cent] and DLF [2.61 per cent]. Refinery major Reliance Industries rose by 0.72 per cent to Rs 745.20 while counters like IOC and ONGC gained over 2 per cent each.

Banking stocks also rose. ICICI Bank rose 1.44 per cent to Rs 881.45 after better than expected quarter earnings and State Bank of India closed 0.32 per cent up at Rs 2,137.95.

The BSE IT sector index gained the most by rising 2.37 per cent to 5,704.31 followed by BSE TECk index by 1.93 per cent to 3,326.09. BSE Oil and Gas index rose by 1.05 per cent to 7,964.63 and interest-sensitive BSE Realty was up by 1.04 per
cent to 1,692.57.
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