IT stocks take centre stage again

IT stocks take centre stage again
ENS ECONOMIC BUREAU

MUMBAI, JANUARY 19: Share values finished higher on the Bombay Stock Exchange today as leading software and media shares made a sharp upturn on speculative and institutional buying. Cyclical stocks were beaten back as investors booked profits following poor results of leading cement making firm ACC.

Sensex opened at 5496.68 and moved between 5528.12 and 5460.68, before closing at 5478.24, showing a net gain of 13.73 points from the previous close of 5464.51. The BSE-100 index advanced further by 29.08 points at 2810.63 as against the previous close of 2781.55. Stock brokers said the infotech segment stocks once again took the centre-stage after some mutual funds reportedly bought several stocks. They said reports of overnight gains in the Nasdaq composite index fuelled soaring infotech stock prices.

Stocks led by Infosys Technologies, Silverline, Pentafour Software, Digital Computer, Global Tele, Zee Telefilm and others recorded handsome gains on fresh buying. Shares which moved down were Tata Power,MTNL, TISCO and Satyam Computer on profit-taking. The news that the two private mutual funds had already raised Rs 650 crore to chase the IT stocks and even other IT funds which are open could make the figure to Rs 1,000 crore, aided the trend.