Sensex Soars 2.3%; Infosys, TCS, Financial Tech Lead Gainers

Devan Biswas
25 Mar, 2011
New York City

The Sensex index in Mumbai trading soared 2.3% and for the week added 5.2%. The positive earnings outlook and improving sentiment in world markets emboldened investors. Software exporters led gainers after the industry sought tax relief. Financial Technologies plans to list its commodities exchange.

[R]4:35 PM Mumbai – The Sensex index in Mumbai trading soared 2.3% and for the week added 5.2%. The positive earnings outlook and improving sentiment in world markets emboldened investors. Software exporters led gainers after the industry sought tax relief. Financial Technologies plans to list its commodities exchange.[/R]

Stocks in Mumbai surged on the positive backdrop of international trading and software industry association sought the extension of tax relief for one more year.

The Sensex index soared 464.90 or 2.5% to 18,815.64 and the Nifty index increased 2.3% or 131.85 to 5,654.25.

Rupee closed down 20 paisa to 45.46 a dollar and crude oil declined 17 cents to $104.99 a barrel. Price of ten grams gold closed at Rs 20,841.00.

Stocks in Asia closed higher and metals and energy prices lifted stocks in Europe in overnight trading. Markets in China, HK and in Tokyo gained.

Stock Movers

Software services exporters soared in trading after the industry association requested the government to extend Software Technology Park designation for one more year that helps exporters to earn tax free.

The association also asked finance ministry to exclude companies that are set up in the Special Economic Zones from the Minimum Alternative Tax regime.

Infosys increased 5.2% to Rs 3,162, TCS added 2.2% to Rs 1,118.20 and Wipro Ltd gained 3.7% to Rs 455.85.

Tata Motors increased 2.2% to Rs 1,181.85 after it confirmed that record demand drove its annual production in the year to March above 100,000 units, the first for an Indian company. Eight rate hikes have not affected the demand.

Banks participated in the rally. ICICI Bank increased 3.6% to Rs 1,090.85 and HDFC Bank added 3.2% to Rs 2,261.80.

DLF led the gainers in Sensex trading with a surge of 6.2% to Rs 248.60 and Godrej Properties increased 5.6% to Rs 680.55.

Financial Technologies (India) soared nearly 7% to Rs 822.60 after the company said it plans to list its Multi Commodities Exchange as early as September.

United Breweries Limited increased 20 paisa to close at Rs 468.20 on new news but trading volume soared ten-fold.

Career Point Infosystems soared 1.1% to Rs 367.50 on a trading volume surge of ten-fold.

MMTC Ltd increased 0.3% to Rs 930.65 in a heavy trading volume.

Crest Animation Studios Limited declined 0.7% to Rs 56.36 after the company said its first animation movie grossed $50 million and it is still to be released to larger markets.