The BSE benchmark Sensex trimmed earlier gains in the afternoon trade losing more than 100 points from the opening session but recovered again to 20,479.37 (+206.46) at 1.40 pm.
Earlier,the benchmark index rallied by nearly 287 points to hit a fresh three-week high in early trade on Friday,mainly led by gains in IT stocks after Infosys revised guidance upwards for 2013-14 fiscal.
Besides,a firming trend in the global markets also buoyed the trading sentiment.
The 30-share index,which had gained 377.81 points in the previous three sessions,rose by 286.78 points,or 1.41 per cent,to 20,559.69,with stocks of IT,technology,realty and banking sectors leading the rise in early trade. This is Sensex’s highest level since September 20 this year.
Similarly,the National Stock Exchange index Nifty rose by 86.65 points,or 1.43 per cent,to 6,107.60.
Buying activity gathered momentum after Infosys revised both dollar as well as rupee guidance upwards for 2013-14 fiscal,which mainly influenced the trading sentiment,brokers said.
A strong trend in the Asian region following overnight gains in US markets on hopes that Washington might make progress in breaking its ongoing budget impasse,further generated buying by participants,they said.
Infosys’ shares climbed 7.54 per cent to Rs 3,360 after the company revised US dollar guidance upwards to 9-10 per cent for 2013-14 fiscal from 6-10 per cent earlier. It also raised rupee guidance to 21-22 per cent from 13-17 per cent earlier. Infosys are shares are now at Rs 3,260 (+4.35%).
Among banking stocks,ICICI Bank shares gained 4.94% and are trading at Rs 994.75.
In the Asian region,Hong Kong’s Hang Seng index was up by 1.21 per cent,while Japan’s Nikkei Index gained 1.31 per cent in the morning trade today.
The US Dow Jones Industrial Average ended 2.18 per cent higher in yesterday’s trade.