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Journalism of Courage
Software stocks and Reliance Industries led the year’s second-biggest rally at the Bombay Stock Exchange,with the benchmark Sensex rising 475 points on expectations that a weak rupee will boost exports.
The Sensex,which remained weak in the last two trading session and lost 433 points,bounced back to record a handsome gain of 475.04 points at 12,158.03,after touching the day’s high of 12,193.63.
The key index surged by over 731 points on May 4,the biggest single-day gain this year.
The 50-share National Stock Exchange index Nifty shot up by 126.50 points at 3,681.10,after hitting the day’s high of 3,691.65 points.
The rally was backed by Reliance Industries and Infosys Technologies,the two firms together having nearly 30 per cent weight in the index.
Reliance Industries,the countrys biggest company by market value,jumped 5.32 per cent to its highest in almost eight months. Infosys,the countrys second-largest computer-services provider,climbed 5.51 per cent.
The IT sector index gained the most,by 5.19 per cent,to 2,836.77,as Infosys,which relies on overseas markets for more than 98 per cent of sales,climbed 5.51 per cent to Rs 1,597.95. Wipro,which counts on overseas customers for more than 75 per cent of revenue,gained 7.40 per cent to Rs 375.25.
