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Markets start on a happy note

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CIOL Bureau
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MUMBAI: Indian shares started higher on Monday as traders picked bargains in bruised technology stocks but brokers were unsure of the strength of the recovery. The 30-issue benchmark Bombay share index was up 0.35 percent at 2,995.01 points by 10:05 a.m., after ending at a five-month low last week.

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Gainers outpaced losers three to one in light trade of 3.4 million shares. Infosys Technologies, the nation"s No 2 software services exporter, edged up 0.8 percent to 2,990 rupees after losing 29 percent since its quarterly earnings on April 10.

Wipro Ltd, the nation"s valuable software company by market capitalisation, rose 2.44 percent to Rs 906 after diving 8.25 percent the previous trading day after posting a surprise five percent drop in net profit in the past quarter from a year ago.

Satyam Computer Services, which releases quarterly results on Thursday, climbed 1.4 percent to Rs 146.25.



The technology index of the Bombay Stock Exchange lost nearly a quarter of its value in the past five trading days after bellwether Infosys set a slower earnings growth of 13 percent for the year to March.

Last week, the marker dropped 0.5 percent after poor results and disappointing guidance from software bellwether Wipro, the nation"s fourth most-valuable company. The index also struck a five-month low of 2,948.67 points during the week.

(C) Reuters

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