Business | Markets

Reliance and techs lead Sensex gain

Indian shares rose 0.74 per cent on Monday, with Reliance Industries and outsourcers leading as the market snapped a five-day losing streak, but trade was choppy after industrial output growth slowed to a six-year low.

  • Reuters
  • Published: 00:03 May 13, 2008
  • Gulf News

Bangalore: Indian shares rose 0.74 per cent on Monday, with Reliance Industries and outsourcers leading as the market snapped a five-day losing streak, but trade was choppy after industrial output growth slowed to a six-year low.

Traders said the gains were underpinned by a rise in European stocks after a better-than-expected quarterly results from HSBC eased concerns about the financial sector. US index futures also suggested a higher open for the Wall Street.

Infosys Technologies rose 1.3 per cent to Rs1,772.50, and other leading software-service firms Tata Consultancy Services, Wipro and Satyam Computer also rose as the rupee weakened past 42 per dollar for the first time since April 2007.

The rupee has fallen more than six per cent in 2008, and Khandwala Securities said the depreciation would have a positive impact on the operating profit margins of IT companies, provided the currency stayed weak for some time.

The rupee rose more than 12 per cent against the dollar in 2007, squeezing the profit margins of the firms which get more than half their revenue from the United States.

BSE index

The 30-share BSE index rose 123.83 points to 16,860.90, with 18 components gaining. During trade, it fell as much as 1.1 per cent to its lowest since mid-April after the weak output data.

The 50-share NSE index rose 0.60 per cent to 5,012.65, also snapping a five-day run of losses.

Elsewhere in the region, Karachi's 100-share index rose 0.41 per cent to 14,286.61, while Colombo's All-share index fell 0.36 per cent to a two-week closing low of 2,631.73.

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