Sensex closes at 13-month high; IT stocks gain

MUMBAI, INDIA: It seemed that the last week's strong rally is still continuing in the stock market even this week. Last week the BSE sensex had closed the week at 15,378.96 points, while it further moved up the counts with gains of 291.04 points ending the day at 15,670 points, the highest in 13 months.

Meanwhile, the NSE index was up by 67.9 points, closing the day at 4636.45 points against last week's close at 4568.55 points.

However, BSE IT index was up by 1.81 per cent at 3962.12 points, while the CNX IT index also followed up at 4330.05 points. Interestingly, the Nifty IT index (CNX IT) has outperformed the BSE IT index in two successive weeks. Last week, CNX IT was at 4076 points, while BSE IT index was behind at 3778.67 points.

Overall, during the week, the IT sectors was very active as many tech companies announced their first quarter results which kept the momentum on and allowed the investors and traders to keep their faith and confidence on the tech stocks.

On the BSE IT, three tech stocks are still enjoying the top positions. Infosys Technologies Ltd., with over Rs. 50 gain, ended the week's last trading day at Rs. 2063.90, followed by Oracle Financial Services Software Ltd, which made a strong gain of Rs.80 and closed at Rs. 1543.30. While, Financial Technologies (India) Ltd., with a four per cent change was up at Rs.1409.65.

Infosys, Oracle Financial and Financial Technologies are still continuing to rule top slots even on the CNX IT. Infosys Ltd surged to Rs 2064.35, while Oracle Financial Services Software, with gains of Rs.64. 95 closed the day at Rs. 1535.70. Financial Technologies (India) Ltd., ended strongly at Rs.1412.10.

Apart from the top gainers, most other tech companies such as Patni Computer Systems Ltd., Hexaware Technologies Ltd., Mindtree Ltd., HCL Infosystems Ltd., Polaris Software Lab Ltd., Firstsource Solutions Ltd., NIIT Ltd., Wipro Ltd., MphasiS Ltd and Rolta Ltd., remained in the green zone throughout the week.