Sensex Gets Tech Lift

The Bombay Stock Exchange (BSE) sensitive index today ended its three-session losing streak on renewed buying interest in technology stocks. "Foreign funds ploughed money into the sector amid hopes that a US economic revival could bring more business to local software firms," dealers said.

The BSE Sensex today ended with a gain of 75.83 points at 3,690.27, close to its intraday high of 3691.93. Gainers pipped losers amid lower volumes. On the National Stock Exchange (NSE), the S&P CNX Nifty index rose 20.45 points to end at 1,193.05.

The sustained upsurge in New York stocks -- with a fresh rise in the Dow Jones Industrial Average by 140.88 points and the Nasdaq Composite Index by 24.10 points -- on Wednesday also aided the sentiment.

Technology bellweather, Infosys Technology led the rally and closed with gains of 5.12 per cent at Rs 4,134.55. Satyam Computer (up 5.32 per cent to Rs 294.75) and HCL Tech (up 2.75 per cent to Rs 294.90) advanced on sustained buying interest. Frontline stocks like Hughes Software (up 8.19 per cent to Rs 367.80), Polaris Software (up 3.97 per cent to Rs 197.80), SSI (up 3.43 per cent to Rs 194.90), Digital GlobalSoft (up 3.02 per cent to Rs 572.60), Wipro (up 2.20 per cent to Rs 1,841.90) and Mascot Systems (up 1.73 per cent to Rs 265.35) also gained on renewed buying interest.

Meanwhile, defensive and bluechip stocks also remained in the limelight. FMCG heavyweights Hindustan Lever (up 2.43 per cent to Rs 252.45) and ITC (up 1.63 per cent to Rs 723.50) gained on fund-based buying. Tata Engineering (up 2.78 per cent to Rs 129.45) recovered on reports that the tax on fleet operators might be rolled back.

Reliance group heavyweights Reliance Industries (up 1.56 per cent to Rs 312.10) and Reliance Petroleum (up 1.44 per cent to Rs 28.10) surged today on renewed buying. While Tata Steel (up 1.57 per cent to Rs 103.70) bounced back into positive zone, recovering from the day's low of Rs 100.50 on reports that most steel exports to the US from India are exempted from new tariffs under developing country exemption.

However, Hindustan Petroleum (down 0.83 per cent to Rs 316.70), ICICI (down 0.39 per cent to Rs 64.20), Grasim (down 0.21 per cent to Rs 302.50) and Castrol India (down 0.20 per cent to Rs 196.85) ended in negative zone on selling pressure, after the recent rally. Among side counters, Wockhardt Life Sciences (up 0.79 per cent to Rs 32.05) ended flat, coming off the day's high of Rs 37.80, on selling at higher levels. The company has hived off its IV fluid business to Baxter India for Rs 195 crore ($40 million). While Archies Greetings (Rs 134.15) hit the 20 per cent upper limit of the circuit breaker on sustained buying interest.