ADR rally boost for tech counters

DALAL STREET SPIKES

Tech stocks ended higher on strong rally in ADR's on Wednesday. Tech major Infosys Technologies was up 1.36 per cent to close at Rs 1,988.25, after touching an intra-day high of Rs 2,005. The Infy ADR had gained $3.43 on Wednesday to $68.59. Over 5.80 lakh Infosys shares were traded on BSE.

According to market sources, rumours of Infosys looking for an overseas acquisition has resulted in aggressive buying at the counter in the past few days.

Other tech stocks such as Datamatics was up 7.80 per cent to Rs 136.85, Infotech Enterprises was up 3.38 per cent to Rs 174.35 and Patni Computer was up 3.40 per cent to Rs 378.35 on renewed buying following the re-election of George Bush as US president.

The BPO industry expects the outsourcing to continue as President Bush is seen favouring free trade and unopposed to outsourcing.

Smart gains in IT stocks resulted in the BSE IT sector index ending 10.38 points higher at 2,445.35 on Thursday.