Sensex gains more than 250 points on value buying; IT shares lead

Reuters Market Eye - The BSE Sensex gained on value buying after a near 4 percent fall on Tuesday was seen as overdone. The BSE Sensex was up 1.5 percent while Nifty gained 1.6 percent at 1047 IST.

IT shares gained on hopes of improved realisation as rupee approached a record low.

Infosys Ltd gained 3.24 percent while Wipro Ltd was up 1.38 percent.

Reliance Industries Ltd gained 3.23 percent after falling over 6 percent on Tuesday.

However, foreign institutional investors resumed selling Indian shares after a brief pause on Monday to snap their 11-day selling streak. FIIs sold 7.16 billion rupees worth of shares on Tuesday.

 

(Reporting by Abhishek Vishnoi)