Sensex Ends Higher; IT Stocks Continue Recovery

Benchmark indices ended the day higher led by strong gains in IT Stocks. Most of the Asian and European cues were also strong, which saw good buying in beaten down stocks.

The Sensex ended the day with gains of 26.57 points, while the Nifty gained 13.80 points. Leading the set of gains were IT stocks led Infosys and TCS.

However, the biggest winners were Gas distribution companies, which analysts say would benefit from the new draft hydrocarbon policy. Gail and GSPL were the biggest gains from the gas distribution space.

Other Nifty gainers were Bajaj Auto and Vedanta. Among the stocks that lost ground in trade from the Nifty were ITC, HDFC and Axis Bank.

Shares in Jubilant Foodworks rallied after a pact with Zippr. Banking shares saw good buying with ICICI Bank among the gainers, after investors bought heavily into the shares, following reports of stake sale in its insurance subsidiaries.

Shares in PTC India Financial Services was up 2 per cent after it signed an MoU with India Infra Finance company to provide financing for infrastructure projects. NDTV fell after reports that the company had received a showcause notice from the Enforcement Directorate.

Meanwhile, markets across Asia ended the day with gains, while Europe was trading flat. The rupee was last trading at 66.21 to the US dollar.

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