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Led by Infosys Technologies, shares of software companies saw some frenzied buying by funds on the bourses today, lifting the sectoral indice by 2.15 per cent, riding high on expectations of robust fourth quarter numbers.
The 10-share BSE IT index, which had witnessed a persistent fall in the past few sessions, rallied to close at 141.02 points, or 2.15 per cent higher at 6,686.12 on the back of a strong recovery in IT majors like Infosys Technologies, TCS and Wipro.
Meanwhile, the BSE benchmark Sensex ended 434.32 points, or 2.25 per cent higher at 19,696.86 after declining to 19,101.63 points at the outset.
Traders said buying activity in software companies re-emerged in anticipations that IT bellwether, Infosys Technologies, which will begin the Q4 earnings’ season on Friday, may post encouraging numbers.
A firm trend in global markets and bargain-buying by speculators after five sessions of losses, as current levels turned attractive, also strengthened the trading sentiment, they said.
Infosys Technologies, which gets nearly 90 per cent of its revenue from exports, climbed 2.05 per cent to Rs 3,306 as market participants enlarged their positions ahead of fourth quarter results.
Stocks of the country’s largest software exporter Tata Consultancy Services shot up by 2.57 per cent to Rs 1,208.95, while Wipro ended the day with a rise of 2.94 per cent at Rs 473.45.
Other gainers, includes Financial Technologies at Rs 894.10 and Mphasis at Rs 449.75.
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