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Infotech, pharma shares continue to soar, lift sentiment; Sensex up 56 points to 4,687

The Bombay Stock Exchange opened on a buoyant note on Wednesday morning. Dealers attributed the resurgent mood to the heavy buying in infotech and pharmaceutical stocks in recent times.

This has apparently encouraged short-term players to consider building long positions.

The BSE Sensex opened higher and at 1300 hours IST, was quoting at 4740.11, up 107.08 points or 2.31 per cent over Tuesday's close.

At the National Stock Exchange, the S&P CNX Nifty was at 1399.55, up 41 points or 3.01 per cent over yesterday's close.

At the inter-bank foreign exchange market, the rupee was being traded at Tuesday's closing level of 43.55 to a US dollar. Forex dealers said the steady trend will continue until the new government takes office.

Dealers said news reports of UTI completing the restructuring of the US-64 portfolio, and UTI chairman P S Subramanyam's observations that the stocks markets are sound, that the valuations of Indian infotech stocks are in tune with the global trend, have helped buoy the sentiment.

When reports last came in, the Sensex closed at 4,687. The Nifty at 1,389.95 was up 31 points over Tuesday's close.

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