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Sensex up 147 pts, IT stocks gain

PTI     July 19, 2011
Reversing losses from the previous two sessions, the BSE benchmark Sensex on Tuesday surged 147 points to a week's high of 18,653.87, led by gains in realty, IT and banking stocks like SBI amid better-than-expected quarterly results posted by HDFC Bank and a firm global trend.

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The 30-share index, which had shed 111 points in last two runs, had a jittery start and touched a low of 18,481.83.

However, value buying in recently battered chips pushed it up by 146.83 points to 18,653.87.

Broad-based National Stock Exchange index Nifty rose by 46.50 points to 5,613.55.

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The Sensex rally was led by buying in SBI, ICICI Bank, Infosys, Tata Consultancy Services, Reliance Industries, Bajaj Auto, Tata Power and, Larsen and Toubro stocks as investors snapped off bargain deals on positive momentum unleashed by a better-than-expected first quarter earnings by HDFC Bank.

Third largest lender HDFC Bank today reported a 33.7 per cent growth in its net profit at Rs 1,085 crore for the first quarter ended June, 2011.

Industry leader Reliance Industries rose by 1.39 per cent to Rs 879.15 while IT bellwether and Sensex's second heaviest scrip Infosys surged 1.45 per cent to Rs 2,753.35 a piece.

IT stocks regained strength after the world's biggest computer-services company IBM posted strong revenues and boosted full-year earnings forecast.

Banking index also gained led by surge in largest lender SBI and biggest private lender ICICI Bank that rose 1.59 per cent and 1.18 per cent respectively.

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