The Hindu Business Line : Sensex closes above 16K; IT, PSUs rally

MUMBAI: The Bombay Stock Exchange benchmark index Sensex on Tuesday regained the 16,000 mark by gaining 107 points on funds buying heavily in IT and PSU stocks, coupled with firming global cues after worries about the sovereign debt crisis in Europe ease d.

The Sensex, which gained 20 points in the previous session, spurted by another 106.57 points to close 16,042.18 as funds and general investors bought heavily into tech and PSUs stocks. This is the third successive gain for the market.

The wide-based National Stock Exchange index Nifty 50 also rose by 32.25 points to 4,792.65, after crossing the psychological 4,800 mark during the session.

After a weak start, the sentiment picked up and a fag-end buying influenced by a higher opening in Europe pushed the indices to record handsome gains.

With the buying activity picking up, barring realty and oil & gas sector, all BSE sectoral indices ended in the green. Among the Sensex stocks, 19 ended higher, while 11 declined.

The information technology sector gained the most by rallying 2.52 per cent to 4,972.64 points led by Infosys as it rose Rs 70.15 to Rs 2,470.90, TCS up by Rs 10.40 to Rs Rs 734.20 and Wipro by Rs 15.85 to Rs 652.45. Country’s software service companies get a third of their sales in Europe.

The Sensex-linked Grasim gained Rs 123.10 to Rs 2,681.10 and ACC rose by Rs 27.25 to Rs 869.15 on expectations of better GDP expansion. - PTI

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