Backed by metal and IT stocks, Sensex gains 225 pts

Wed, May 14 06:52 PM

Mumbai, May 14 (PTI) The Bombay Stock Exchange benchmark Sensex today gained 225 points on the back of rally in Infosys, TCS and Tata Steel. Metal stocks rallied sharply on overnight firm advices from London Metal Exchange, while IT shares attracted good buying support following sustained weakness in the rupee that touched a new 13-month low of 42.44/45 today.

The 30-share Sensex initially touched low of 16,626.35 on some weakness in Asian markets this morning. But, firm opening in European markets led the recovery and it regained the 17,000 mark to touch high of 17,014.94 before ending the day at 16,978.35, a rise of 225.49 points or 1.35 per cent over previous close of 16,752.86.

Yesterday, the index was down by over 108 points. Metal Index gained the most by 687.30 points, or 4.36 per cent.

At 16,435.18. It was followed by IT Index that rose by 162.22 points, or 3.80 per cent, at 4,427.36.

Among major gainers were TCS, which flared up by 7.09 per cent, Infosys Tech by 4.53 per cent and Tata Steel by 4.12 per cent. The S&P CNX Nifty of the National Stock Exchange also recouped by 53.95 points or 1.09 per cent to finish at 5,011.75.

European markets, which opened after Asian markets, exhibited favourable trend, while most Asian indices rebounded from early weakness and ended in green. Market players were still concerned over the steep slowdown in industrial output and rising inflation as the global crude oil prices remained near USD 126 a barrel after striking a new peak of USD 126.98 a barrel in New York yesterday.

PTI.

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