Sensex climbs most in three weeks, gains 1.6%

Sensex climbs most in three weeks, gains 1.6%
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First Published: Fri, Mar 06 2009. 11 16 PM IST
Updated: Fri, Mar 06 2009. 11 16 PM IST
New Delhi: Share prices rose on Friday, driving the benchmark index to its biggest gain in three weeks, as the weaker rupee drove software exporters higher.
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Infosys Technologies Ltd advanced 3.2%. A weaker local currency boosts the value of sales abroad. Satyam Computer Services Ltd jumped 20% after receiving approval to sell as much as a 51% stake in the company. Oil and Natural Gas Corp. Ltd (ONGC) rose after crude prices climbed.
The Bombay Stock Exchange’s (BSE) Sensex climbed 127.90 points, or 1.6%, to 8,325.82 at the close of trade. The S&P CNX Nifty index on the National Stock Exchange (NSE) added 43.45 points, or 1.7%, to 2,620.15. The BSE-200 index rose 1% to 981.69. S&P CNX Nifty futures for March delivery gained 2.2% to 2,612.
The rupee fell 1.1% this week to 51.70 per dollar in Mumbai, according to data compiled by Bloomberg. It touched a record low 52.19 on 3 March.
Infosys gained 3.2% to Rs1,219.35. Wipro Ltd climbed 3.2% to Rs213.30. The share prices are composite of BSE and NSE rates.
Satyam Computer jumped 20% to Rs42.15. The company at the centre of India’s biggest corporate fraud inquiry has received regulatory approval to sell as much as a 51% stake in the company, it said.
Patni Computer Systems Ltd rose 11% to Rs110.10 after the company’s stock rating was raised to “overweight” from “neutral” at JPMorgan Chase and Co.
ONGC gained 3.6% to Rs673.35. Crude oil for April delivery gained as much as 2% to $44.49 a barrel in electronic trading on the New York Mercantile Exchange. It was at $44.74 a barrel at 6.44pm Singapore time.
Ranbaxy Laboratories Ltd slipped 1.9% to Rs141.30, extending Thursday’s 9.4% slump. Australia’s top medicine regulator is investigating the company after US authorities banned its Paonta Sahib plant for falsified test results, the Sydney Morning Herald reported on Thursday. Ranbaxy declined to comment on the newspaper report.
Tata Motors Ltd slid 0.5% to Rs138.65. The company’s corporate family rating was lowered two steps to B3 from B1, six levels below investment grade, by Moody’s Investors Service on a decline in sales and the need to refinance a $2 billion bridge loan amid a global credit crunch.
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First Published: Fri, Mar 06 2009. 11 16 PM IST
More Topics: Sensex | Markets | Satyam | ONGC | Infosys |