Software scrips lead rally

MUMBAI, NOV 22: Pivotals led by software shares rallied on the Bombay Stock Exchange (BSE) today on speculative buying coupled with fresh...

MUMBAI, NOV 22: Pivotals led by software shares rallied on the Bombay Stock Exchange (BSE) today on speculative buying coupled with fresh support from institutional investors. The new account started better following low badla charges and prices led by Infosys moved up as the session progressed.

Sensex (BSE sensitive index) started on a firm note at 4617.84 and moved between 4641.19 and 4591.57 before closing at 4636.31, showing a net gain of 52.21 points from the previous close of 4584.10. The BSE-100 index rose smartly by 41.19 points to 2197.26 as against the Friday’s close of 2156.07.

Brokers said the sentiment was boosted mainly fresh interests shown by the FIIs on IT scrips and start of the new account. Infosys Technologies, Satyam Computer, Pentafour Software from the IT group, media and entertainment giant Zee Telefilm and Mahindra & Mahindra were among the scrips which stole the limelight on Monday.

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Index heavyweight Infosys led the rises of the sector and accounted for a chunk of the benchmark 30-share index’s gains, ending Rs 500 higher at Rs 9,190 in a volume of 167,910 shares.

Infosys has a weightage of over 11 per cent in the 30-share index. Its ADRs gained $18 to $ 228 amid the Nasdaq’s record close on Friday. Each Infosys ADR represents half a local share. Among other software shares, Satyam Computer Services rose Rs 89.80 to Rs 1,719.80, Pentafour Software Rs 23 to Rs 688 and Visualsoft India Rs 353.70 to Rs 4,775.10. Dealers said domestic and foreign institutions also made selective purchases.