Sensex regains 10,000 level after five weeks

Benchmarks spiked in the last one-hour of trade following surge in index Oil & Gas heavyweights like Reliance Industries and ONGC Banks, IT and healthcare stocks provided much needed support.
Stocks surged during the final hour of trade, after remaining volatile for most of the earlier session. The BSE-Sensex closed with gains of over 140 points, after receding from the 10,000 mark. The NSE-Nifty was up around 60 points. Stocks from the mid-cap and small-cap indices outshone the large caps. Stocks from the oil & gas and banking sectors led the gains amongst BSE’s sectoral indices. Rupee closed at 47.84 against the US dollar.
HCL Tech was the leading gainer among large cap stocks and closed almost 18% up. Reports that the company has completed its acquisition of Axon were a key reason for these gains. The company has also reported wining orders worth US$ 1 bn during the current quarter, duly helped by the said acquisition. The company’s management, in an interview with a leading business channel yesterday outlined that the joint deal pipeline for SAP implementation (Axon’s core competence) is US$ 1.2 bn and that HCL can now address the US$ 23 bn SAP market.