BSE Sensex up, tech stocks lead gains
Technology shares leading gains on the back of short covering as recent underperformance was seen overdone.
Mumbai: The BSE Sensex is up 0.25 per cent and the Nifty gains 0.17 per cent higher, tracking steady Asian markets. Export-driven technology shares leading gains on the back of short covering as recent underperformance was seen overdone.
Infosys gains 1.2 per cent after falling 5.75 per cent in December as on Friday's close, while Tata Consultancy Services up 0.8 per cent. Shares in State Bank of India gain 0.8 per cent on media reports the government has approved fund infusion of 30.04 billion rupees for the state-run lender.
Glenmark Pharmaceuticals shares up 2 per cent, following news the unit entered into a development agreement with Forest Laboratories, which will make upfront payment of $6 million to the Indian drug maker.