BSE Sensex zooms 373 points on fresh buying in IT, technology, healthcare sector

Sep 04 2013, 12:38 IST
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IT stocks are in good demand on expectations that strong dollar would improve their earnings. IT stocks are in good demand on expectations that strong dollar would improve their earnings.
SummaryIT stocks are in good demand on expectations that strong dollar would improve their earnings.

After the overnight crash, the S&P BSE Sensex surged 373 points in late morning trade on fresh buying in IT, technology, oil, healthcare, metal and auto counters on the back of positive US economic data despite lower Asian cues.

The 30-share Sensex resumed higher at 18,314.68 and moved up further to a high of 18,607.99 at 1219 hrs, showing a gain of 373.33 points, from its last close.

The 50-share index NSE Nifty also rose by 75.15 points, or 1.41 per cent, to 5,416.40 at 1030 hrs.

Major gainers were Hindalco Industries (3.40 pct), Tata Motors (3.31 pct), * Tata Consultancy Services (3.11 pct), * Infosys (3.04 pct), Reliance Industries (2.88 pct), Bharat Heavy Electricals Ltd (BHEL) (2.81 pct), * Hero MotoCorp (2.70 pct) and Wipro (2.57 pct).

In the foreign exchange market, the Indian rupee weakened further and fell below 68-mark against the dollar in early deals. After a recovery, the partially convertible rupee was ruling at 67.82 as against the last closing level of 67.63.

Asian stocks fell in early trade as profit-taking emerged after strong gains earlier in the week, while renewed concerns over US military intervention in Syria weighed on the sentiment.

Key benchmark indices in China, Hong Kong, South Korea, Japan, Indonesia, Singapore and Taiwan shed between 0.03 per cent and 1.53 per cent.

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