The Hindu : Business : Market gives thumbs down to terror, soars 316 points

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Thursday, Jul 13, 2006

Business

Business

Market gives thumbs down to terror, soars 316 points

MUMBAI: Terror attack did not dampen the spirits of traders and investors as the Bombay Stock Exchange's 30-share benchmark Sensex rallied more than 300 points on Wednesday and was seen surging towards the 11000-mark again.

The BSE Sensex surged ahead 315.74 points, or nearly 3 per cent, to close at 10930.09, led by strong buying activities in IT majors such as Infosys Technologies, TCS, Satyam Computer and Wipro.

The Union Finance Minister P. Chidambaram said yesterday's bomb attacks in Mumbai would not hurt the country's economic growth and investors should continue to have faith in India. The BSE Managing Director and CEO, Rajnikant Patel, called upon the investors to be alert and not get unduly influenced by the rumours. The market opened on a cautious note amid concerns that Tuesday's serial bomb blasts in Mumbai, which claimed hundreds of innocent lives, might further rip through the already jittery investor sentiment.

However, IT major Infosys almost single-handedly managed to allay all the terror-driven fears and positive sentiment returned to the bourses on the back of better than expected quarterly results from the sector bellwhether, a broker said.

Infosys emerged as the biggest gainer on the Sensex with a jump of more than 7 per cent or Rs. 235.75 to close at Rs. 3,386.45. — PTI

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