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Wednesday, July 12, 2006

Blast Effects on Sensex

Business News : Mumbai Blast Effects SensexThe Sensex of BSE zoomed up by 315.74 to close at 10,930.09 on the sentiment of impressive result of IT bellwether Infosys Technologies, brokers said.
They stated that it was widely expected that the market would drift down to lower levels today following a series of explosions that shook Mumbai yesterday evening.

The US markets did not close on a firm note and Asian stocks did not have a nice time either. But, the sentiment got a boost, thanks to an impressive show by IT bellwether Infosys Technologies in the April - June 2006 quarter.
The information technology major, which reported a 50% rise in its quarterly net profit, also revised upwards its future earnings forecast. Though the rally remained confined to Infosys Technologies and other IT majors for a long time, as the session progressed, stocks cutting across sectors began firming up on renewed buying support.

Mirroring the impressive surge in values of frontline stocks, the benchmark BSE index Sensex, which had tumbled to a low of 10,549.85 amid early weakness, flared up to a high of 10,939.68 a few minutes before the closing bell and eventually settled at 10,930.09, recording a sparkling gain of 315.74 points or 2.97 per cent for the day. On the National Stock Exchange, the 50 stock Nifty index spurted to a high of 3201.35 before settling down to close at 3195.90, up 79.75 points or 2.56 per cent over its previous closing mark.

IT stocks remained the favourites of traders today. Infosys Technologies, which remained the top gainer right through the session, ended the day at Rs 3386.45, a few rupees off its high of Rs 3400, with a gain of 7.5 per cent.Tata Consultancy Services shot up by 7 per cent to Rs 1892.95. Satyam Computers (4.4 per cent) and Wipro (4.25 per cent) also had a nice ride up the charts today.

Index heavyweight Reliance Industries recorded a handsome gain of 4.8 per cent and contributed its share to the market's sterling performance today. Hindalco (7.1 per cent), Reliance Communications Ventures (6.4 per cent), Larsen & Toubro (4.25 per cent), Maruti Udyog (3.3 per cent), ITC (3.25 per cent), Gujarat Ambuja Cements (3.25 per cent), BHEL (2.65 per cent), Grasim Industries (2.2 per cent), ACC (2.1 per cent), Tata Motors (1.85 per cent), State Bank of India (1.1 per cent), Tata Steel (1.05 per cent) and ONGC (0.95 per cent) moved on to higher levels, brokers added.


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