Mumbai: India's benchmark stock index rose, led by Tata Consultancy Services Ltd and other software exporters on speculation an economic recovery in developed nations will boost earnings.
Tata Consultancy, the largest software exporter, climbed 1.5 per cent before it reported results yesterday. Nearest rival Infosys Technologies Ltd advanced 2 per cent.
Indian Oil Corp advanced after increasing gasoline prices. Reliance Infrastructure Ltd, the builder of a mass rapid transit system in Mumbai, sank to its lowest in more than 20 months after paying 250 million rupees (Dh20.19 million) under a settlement with the market regulator following an investigation.
The Bombay Stock Exchange's Sensitive Index, or Sensex, gained 21.81, or 0.1 per cent, to 18,882.25, at the 3.30pm close in Mumbai, after changing direction at least 24 times. Seventeen stocks fell while 13 gained on the 30-member gauge.
The index has dropped 10 per cent from a November 5 peak amid concern the central bank will raise interest rates in its meeting next week to curb inflation.
"People are chasing information-technology or export-oriented stocks mainly because even in a bad global scenario these companies were able to grow their top line," said Sarabjit Kour Nangra, vice president of equity research at Angel Broking Ltd. in Mumbai.
"With the global recovery gathering pace it is expected the IT sector will do well."
