Tech rally boosts Sensex

IRIS

MUMBAI: Technology scrips provided the early thrust, as indices surged at the bourses. Hopes of a quick war in Iraq has helped improve sentiments at these counters, said dealers. US markets also closed higher on Tuesday, with the tech-index Nasdaq Composite closing 8.28 points higher at 1,400.55.

"If the war breaks out tomorrow, we could witness profit booking," said Rajashekhar Hiremath, manager-sales, Fortis Finance, terming the current rally as a technical bounceback, which could fizzle out, if fresh funds do not come in soon.

Indian technology ADRs at the US bourses also ended higher on Tuesday. The markets expect the US-led war in Iraq to be quick even as the Iraqi president, Saddam Hussein, rejected the ultimatum given by US president George W Bush to flee Iraq within 48 hours.