 Mumbai:
The sensex gained 88 points reaching a six month high
yesterday. The surge was led by technology and banking
stocks. The gain in IT stocks such as Satyam, Infosys
and Wipro was on expectations of the reelection of George
Bush.
Banking
stocks, such as SBI and ICICI Bank, on the other hand,
gained on hopes of a possible hike in interest rates.
While the BSE IT index rose by 2.68 per cent, the banking
index Bankex gained 3.32 per cent.
The
mood in the market remained optimistic since morning with
Bush maintaining the lead in the counting. According to
analysts, the
possibility of Bush's re-election has eased fears over
outsourcing. Bush is seen to be a supporter of free trade
and unopposed to outsourcing.
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