Mumbai: The stock market benchmark Sensex climbed more than 270 points on 13 April on a flurry of buying by funds as well as retail investors on better-than-expected earnings from IT major Infosys and a slip in inflation.
The BSE-30 share index, Sensex, which fell by 69 points on 12 April, staged a strong comeback to close 270.27 points or 2.06% up at 13,384.08 after touching the day’s high of 13,421.05, thanks to a rally in IT, banking, metals and capital goods sector stocks.
Inflation, which fell back to 5.74% for the week ended 31 March from 6.39% in the previous week, also positively influenced the trading sentiment.
The wide-based National Stock Exchange index Nifty, regained 3,900 points level to close 92.80 points, or 2.28% higher at 3,917.35. It moved between 3,924.55 and 3,828.45 points during the session.
Infosys today reported a 69.27% growth in net profit at Rs 1,124 crore for the quarter ended March 31, as compared to Rs 664 crore in the year-ago period.
Market observers said expectations that other corporate giants might follow Infosys Technologies and come out with strong earnings for the fourth quarter, sparked all-round buying activity.
Infosys Technologies stocks remained the centre of brisk activity throughout the session and ended Rs 43.95 or 2.15% higher at Rs 2,087.60, while TCS stocks shot up by Rs 61.6, or 5.13% to Rs 1,262.65.
Other gainers in the IT sector were HCL Technologies, I-flex, Mphasis, Patni Computer, Satyam Computer, Wipro and Financial Technologies.
Among banking stocks, State Bank of India, ICICI Bank and HDFC Bank were major supporters to the Sensex.