Financial Daily from THE HINDU group of publications
Saturday, Oct 11, 2003
Financial Daily from THE HINDU group of publications Saturday, Oct 11, 2003 |
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Stock Markets Markets - Stock Markets Infy fires up tech stocks; Sensex up 70 Our Bureau
Mumbai , Oct. 10 TECHNOLOGY leader and arguably the most respected company in the country, Infosys Technologies today added fuel to an already-fiery stock market when it reported a higher growth in earnings. Infosys' Rs 300-crore second quarter profit beat market expectations, easing fears of pricing pressure in the software sector and confirming hope that business recovery is real. Infosys' showing fuelled new buying in technology stocks, which had a major hand in today's 70-point rally of the BSE Sensex. The 30-share benchmark index closed at 4768.90, or 1.5 per cent higher than its previous close. The 50-share S&P CNX Nifty of the NSE too shot up 1.4 per cent to close at 1523.10. Even though the performance numbers from Hughes Software and Mphasis BFL over the past couple of days had beaten market expectations, the ball was really set rolling by the keenly-awaited numbers of Infosys. The company's stock went up more than 4 per cent today to close at Rs 4,629.55. "It (Infosys) is always the trendsetter and the benchmark. Its management, functioning and corporate governance standards are so respected that any news from the company would shake the markets," said an analyst with a local brokerage. The index of technology stocks traded on the BSE, the BSETECk, shot up 4.06 per cent to end the day at 1035.04. NSE's CNX IT closed 5.77 per cent higher at 18231. Individual stocks too joined the trend. Satyam shot up 10 per cent, Wipro gained 8.5 per cent and HCL Tech increased almost 4 per cent. The rally was however not confined to technology stocks with those of manufacturing companies such as Tata Motors, BSES and Reliance too moving up sharply.
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