Sensex recover over 221 pts on IT, bank support

Updated at 5:09 pm

MUMBAI: Emergence of buying reversed a two-day slide of the Bombay Stock Exchange benchmark Sensex, which spurted by over 221 points amid short-covering by brokers.

The Sensex, which had a biggest fall of 540 pints in eight months on budget day on Wednesday, surged by 221.46 points at 13,159.55, after moving between 13,193.13 and 12,861.35 points.

Similarly, the wide-based National Stock Exchange index Nifty shot up by 65.90 points at 3811.20, after touching the day's high of 3818.75 and a low of 3718.15 points.

Buying in information technology stocks after reports that the government's imposition of taxes on software companies would not impact earnings.

The market also experienced a strong wave of short covering created by brokers in previous volatile trading.

MUMBAI: In choppy trade, the benchmark Sensex staged a comeback to quote over 110 points higher at mid-session on the Bombay Stock Exchange on Monday largely on fund-based buying along with short-covering by speculators.

The 30 share index, Sensex, in two-way movements, was ruling 110.00 points higher at 13,048.09 at 2 pm following rebound in heavy-weight stocks, led by Information Technology and banking sectors.

It touched a high of 13,080.37 and a low of 12,838.

Similarly, the wide-based National Stock Exchange index Nifty was up by 34.75 points at 3,780.05.

Stock brokers said apart from funds buying, short-covering in index-related stocks particularly
Information Technology helped trading sentiments to improve.