Ice Index Surged 28.61% In Last 14 Trading Sessions

Business Standard ICE index, of convergent economy surged 28.61 per cent to gain Rs 61, 886.65 crore in terms of market capitalisation in last 14 trading sessions. ICE Index market capitalisation now stands to Rs 2,78,200 crore. Sustained buying by financial institutional investors has propelled the ICE counters substantially. ICE index gained 44.23 points from its low of 154.60 on August 4, 2000. Heavy offloading by operators and FIIs in month of June and July 2000 had plunged the index. Infotech scrips were the major gainer in the present rally. The ten ICE index infotech scrips gained a hefty 34 per cent or Rs 39,574 crore in terms of market capitalisation. Meanwhile a large gain at Wipro counter, the heavy weight ICE index scrip saw the ICE index gain 9.78 points or 5.18 lContinued on Page 10 per cent to close at 198.83 yesterday. Wipro has been the major gainer that surged 40.4 per cent or Rs 20,087 crore in terms of market capitalisation in last 14 trading session. Wipro increased 10.64 per cent or Rs 292.95 to close at Rs 3,046.05. Ranked number one it stands at Rs 69,815 crore in terms of market capitalisation. Market sources attributes the gain to Yoshiro Mori's, the Japanese prime minister, visit to the IT major companies, Wipro and Infosys Technologies. Currently, Wipro's software exports to Japan accounts for almost 10 per cent of its total exports. Satyam Computer Services was the second biggest gainer to surge 37.02 per cent or Rs 4,467 crore in market capitalisation in last 14 trading sessions. It market capitalisation is to Rs 16,532 crore to current close quote of Rs 587.90 While the other infotech major, Infosys Technologies gained Rs 12,702 crore or 30.50 per cent. At the current close at Rs 8,206 its market capitalisation stands at Rs 54,341 crore The media major Zee Telefilms, that had battered heavily, gained 28.56 per cent or Rs 4,317 crore during the period. While Tata Infotech was the major loser. Its market cap dipped 11.8 per cent to Rs 356 crore. While HDFC Bank, ICICI Bank, MTNL and Sri Adhikari Brothers were the other loser among the index scrips during the period.