Sensex up 300 pts backed by impressive Q4 results
Mumbai, Apr 17 (UNI) Impressive fourth quarter (Q4) results by Infosys Technologies, Gujarat Ambuja Cements and HDFC Bank led to 300 points rally on the Bombay Stock Exchange (BSE) Sensitive Index (Sensex) today.
Out of 30 Sensex stocks 28 gained in today's rally showing great demand for the frontline scrips impressed by the Q4 numbers announced so far.
Sensex closed 302.45 points up at 11,539.68 points, which was biggest intra-day gain since May 18, 2004 The National Stock Exchange (NSE) S&P CNX Nifty index too gained 79.65 points or 2.38 per cent closing at 3,425.15 points as compared to to the last close of 3,345.50.
Earlier the benchmark index of the BSE opened with a gain of 86 points at 11,323.74 as compared to the last close of 11,237.23.
Soon after opening, the 30 share Sensitive Index (Sensex) shot up 251 points to days high of 11,488.73 on the back of good gains in the software and cement scrips.
The biggest gainers were the information technology (IT) and cement stocks in today's rally. IT stocks were boosted by impressive 20 per cent rise in profit and 1:1 bonus announced in the silver jubilee year by Infosys Technologies.
Infosys Technologies closed 6.94 per cent up at Rs 3,230.30 up by Rs 209.50; Other IT counters also made huge gains on expectations of good fourth quarter results, TCS was up 5.94 per cent at Rs 1,903.60, Satyam Computers was up 7.23 per cent at Rs 827.80 and Wipro was up 4.88 per cent to Rs 540.50.
Gujarat Ambuja Cements too came out with impressive fourth quarter result, which led to 8.28 per cent rally in the counter closing Rs nine up at Rs 117.75, Grasim Industries too shot up by 7.26 per cent to Rs 2,243.20 on expectations of good quarterly results. Another cement major ACC too gained 4.59 per cent to Rs 938.10 up by Rs 41.15.
Hindalco too was up by 4.01 per cent to Rs 199.60 per share as the company raised aluminium prices.
Tata Power gained 3.53 per cent to Rs 591.70.
The only two losers were ONGC, Dr Reddy's Lab.
ONGC was down by 1.76 per cent to Rs 1,243.45 after it announced moderate profit of nine per cent at Rs 14,175 crore in the last financial year (2005-06).
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