Sensex reaches a six month high
By Our Market Bureau | 04 Nov 2004
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.