Stocks led by the information technology and metal sectors pushed up the Bombay Stock Exchange benchmark Sensex by over 317 points on expectations that earnings growth will recover as the market has nearly bottomed out.
Stocks led by the information technology and metal sectors pushed up the Bombay Stock Exchange benchmark Sensex by over 317 points on expectations that earnings growth will recover as the market has nearly bottomed out.
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The Sensex, which had lost nearly two per cent in the last three trading sessions, bounced back to close 317.45 points up at 11,134.99, after touching the day's high of 11,203.28.
u00a0The information technology index, led by three heavyweights, gained the most, 5.22 per cent, to reach 2,549.71.
Wipro, the country's third-largest software developer, was up 13.62 per cent to Rs 320 after Morgan Stanley and ICICI Securities raised their target price for the stock.
Tata Consultancy Services, the largest software developer, added 4.60 per cent to reach Rs 567.95 and Infosys Technologies, the second largest, rose 5.11 per cent at Rs 1,449.85.
The metal sector index was the second-best performer, rising 5.20 per cent to 7,086.02, as Tata Steel rose 8 per cent, JSW Steel 9.04 per cent and SAIL 6.79 per cent.
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