Technology stocks led the BSE sensex to a two-and-half-year high on Wednesday, backed mainly by a robust quarterly numbers from the US-listed Indian IT company Cognizant Technology Solutions. The sensex opened flat but an end of-the-session rally took the index to close at 18,217, up 103 points on the day. In early trade, the index had risen to almost 18,250 level, last seen in February 2008. The day’s gains were also helped by buying foreign funds, although domestic funds continued to remain net sellers, exchange data showed.
On Tuesday, Congizant results beat market expectations, and the company raised its full year projections.Other than the rally in technology stocks, the day’s rally was also helped by FII buying, with net inflows at Rs 689 crore, BSE data showed. On the other hand, domestic funds logged a net outflow of Rs 276 crore. Sebi data showed so far in 2010, net FII inflow is almost at $11 billion, that is also helping the strength of the rupee which is at 46.08 to the dollar, a one-month high level.
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