Surge in ADR props up Infosys Technologies
DALAL STREET SPIKES
| The stock was the biggest gainer among the 30 Sensex stocks, which rescued the Sensex from falling further. |
| The stock ended 2.34 per cent higher to close at Rs 1,819.35, after hitting an intra-day high of Rs 1,833. The counter witnessed an impressive volume of more than 7.2 lakh shares on the BSE on Monday. |
| The Infosys ADR had climbed 3.5 per cent to $65.82 on Friday to hit a 52-week high on the global recovery in the equity market. Dealing room sources said there was buying interest at the Infosys counter among foreign institutional investors since morning. |
| "In a scenario where crude oil prices are hitting new highs every day, the technology sector is considered to be a safe bet as this segment is isolated and till the rupee starts appreciating, the money is expected to chase quality IT stocks," said a senior equity analyst with a leading broking firm. |