Sensex gains 132 points; IT stocks in limelight

Moving up for the third day in a row, the BSE benchmark Sensex Monday gained nearly 132 points on funds buying in bluechips led by IT stocks amid a weak rupee and renewed expectations of US Fed easing monetary policy to boost growth prospects.

The Sensex, which had gained 57 points in last two sessions, advanced further by 131.47 points, or 0.76 percent to 17,118.81 on back of steep rise in Infosys and Tata Consultancy Services which notched up smart gains in the 2.75-3.5 percent range.

The broad-based National Stock Exchange index Nifty rose by 39.15 points, or 0.75 percent to 5,248.15.

Brokers said the IT stocks remained major supporter to the market helped by the weaker rupee and hopes for more stimulus from the US Fed after data showed cooling US growth.

They also said a higher opening in European markets after Spain’s economy shrank less than forecast in the first quarter, also supported the uptrend in domestic markets.

TCS, which surged 3.5 percent, led the gains in Sensex stocks, was followed by Jindal Steel (3.41 percent), Infosys (2.75 percent) and DLF (2.61 percent). Refinery major Reliance Industries rose by 0.72 percent to Rs 745.20 while counters like IOC and ONGC gained over 2 percent each.

Banking stocks also rose. ICICI Bank rose 1.44 percent to Rs 881.45 after better than expected quarter earnings and State Bank of India closed 0.32 percent up at Rs 2,137.95.

The BSE IT sector index gained the most by rising 2.37 percent to 5,704.31 followed by BSE TECk index by 1.93 percent to 3,326.09. BSE Oil and Gas index rose by 1.05 percent to 7,964.63 and interest-sensitive BSE Realty was up by 1.04 percent to 1,692.57.

PTI