Sterlite rises 17% on heavy buying support

Fibre optic cables maker Sterlite Technologies today jumped by over 17% on the Bombay Stock Exchange (BSE), largely driven by heavy buying in the counter.
    
Shares of the company surged by 17.52% to settle the day at Rs 59.35 on the BSE. In the intra-day trade, the scrip rose by nearly 20%.
    
"Sterlite Technologies witnessed an impressive gain on expectation of huge order inflows," Religare Securities Ltd Executive Vice-President and Head Retail Research Rajesh Jain said.
    
Similarly, on the National Stock Exchange, the scrip witnessed a gain of 17.51% to close at Rs 59.40.
    
In terms of volume, 10.9 million shares were traded on the NSE, while 3.8 million changed hands on the BSE.
    
Meanwhile, the benchmark index Sensex shot up by 127.50 points to close at 18,943.14.