Markets rebound after Asian recovery and upsurge in RIL

Mumbai, Mar 6 (UNI) The 30-scrip Sensex today rebounded by an encouraging 282.05 points on the Bombay Stock Exchangw to close in the green at 12,697.09, buoyed by the sledgehammer performance from index heavyweight Reliance Industries (RIL) and IT major Wipro and recovery across Asian markets.

However, today's recovery was not supported by market-breadth as losers outpaced gainers, market analysts pointed out.

On the other hand, the Nifty Index at the NSE also staged a smart recovery by 2.21 per cent to close at 3,655.65 from it's previous close of 3,576.50 points At the BSE, Wipro led the rally in IT shares jumping by 8 per cent to Rs 582. IT bellwether Infosys gained 6 per cent to Rs 2130, Satyam Computer gained 5 per cent to Rs 435.50 and TCS advanced 3 per cent to Rs 1198.

''The recent easing of the Rupee triggered renewed buying for IT shares. The rupee's fall will ease pressure on their profit-margins.

The IT sector derives a lion's share of its revenue in dollars. In early trade today, the Indian Rupee was at 44.550/560 per dollar, extending its move off yesterday's trough of 44.695, the lowest since 21 December 2006, whereing it had closed at 44.625/640,'' an expert opined.

Besides, Reliance Industries (RIL) rose by 3.5 per cent to Rs 1304.05, gaining on bargain-hunting after a recent steep fall in the counter. RIL enjoys 11.1 per cent weightage in the BSE Sensex.

MORE UNI