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Indian shares recover, levered by software stocks
Thursday, 01 March 2007, 18:30 IST
Mumbai: Buoyed by software stocks, Indian shares rose by 1.71 percent on Thursday, recovering from Wednesday's 4 percent fall following central budget jitters and a global sell-off triggered by the Chinese stock market.
The 30-issue Bombay Stock Exchange (BSE) index (Sensex) rose 221.45 points to 13,159.55 and the broad-based National Stock Exchange (NSE) index Nifty went up 1.76 percent to 3,811.20 points.
The recovery was led by technology stocks after leading software services exporters said they would not be greatly affected by the budget move to apply the minimum alternate tax (MAT) to them.
Index heavyweights IT shares led the bounce back with India's leading software exporter Tata Consultancy Services Ltd., leading the pack, up 5.7 percent at 
1,255.60, followed by fourth-ranked Satyam Computer Services Ltd, up 5.47 percent at 435.05 and India's third ranked software exporter Wipro Ltd., up 5.09 percent at 589.40, gaining Rs 28.55 over the last traded stock.
Infosys Technologies Ltd., rose 3.6 percent at 2,153.45 recouping most of Wednesday's 5 percent drop.
Market analysts said the pullback was expected after the uncertainty surrounding the budget was overcome.
"A pull back was excepted after the market saw a sharp fall in the past few days leading to the budget Wednesday. It was a relief today for the market after overcoming the jitters of uncertainty surrounding the budget," said an analyst.
Bajaj Auto Ltd., India's second-biggest motorcycle maker, led the major losers of the day, down 3.93 percent at 2,514.10 shedding 102.85, after it said that its sales in February fell 2 percent form a year earlier because of production constraints and limited sales of its high-end bikes.
Top cement makers Grasim Industries Ltd., ACC Ltd. and Gujarat Ambuja were also among the top losers following a rise in cement prices in terms of the budget measures.
Gujarat Ambuja cement Ltd., was down 3.62 percent at 111.75, followed by ACC Ltd., down 2.61 percent at 876.55, and Grasim Industries Ltd., was down 0.57 percent at 2,200.00.
Dr. Reddy's Laboratories Ltd., Hero Honda Motors and consumer goods maker Hindustan Levers Ltd, were the other major losers.
Source: IANS
1,255.60, followed by fourth-ranked Satyam Computer Services Ltd, up 5.47 percent at 435.05 and India's third ranked software exporter Wipro Ltd., up 5.09 percent at 589.40, gaining Rs 28.55 over the last traded stock.
Infosys Technologies Ltd., rose 3.6 percent at 2,153.45 recouping most of Wednesday's 5 percent drop.
Market analysts said the pullback was expected after the uncertainty surrounding the budget was overcome.
"A pull back was excepted after the market saw a sharp fall in the past few days leading to the budget Wednesday. It was a relief today for the market after overcoming the jitters of uncertainty surrounding the budget," said an analyst.
Bajaj Auto Ltd., India's second-biggest motorcycle maker, led the major losers of the day, down 3.93 percent at 2,514.10 shedding 102.85, after it said that its sales in February fell 2 percent form a year earlier because of production constraints and limited sales of its high-end bikes.
Top cement makers Grasim Industries Ltd., ACC Ltd. and Gujarat Ambuja were also among the top losers following a rise in cement prices in terms of the budget measures.
Gujarat Ambuja cement Ltd., was down 3.62 percent at 111.75, followed by ACC Ltd., down 2.61 percent at 876.55, and Grasim Industries Ltd., was down 0.57 percent at 2,200.00.
Dr. Reddy's Laboratories Ltd., Hero Honda Motors and consumer goods maker Hindustan Levers Ltd, were the other major losers.
Source: IANS