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Infosys leads rally, Sensex up 59 points

MUMBAI JULY 10. Sentiment turned cheerful on the Bombay Stock Exchange here today as the higher than expected first quarter results declared by the IT major Infosys Technologies generated heavy buying by foreign institutional investors and operators in almost all the IT shares and prices rallied sharply, pushing the Sensex up 58.84 points to 3679.63.

The net profit of the IT bellwether displayed an impressive growth of 28.25 per cent at Rs. 278.12 crores for the quarter ended June 30, 2003 over the corresponding period of the previous year and this was far beyond market expectations, brokers said.

Buying was further boosted by bull operators who were expecting a good performace in the second quarter too, marketmen said.

Reflecting the sentiment, the BSE sensitive index opened firm at 3639.42 and shot up to an intra-day high of 3684.18 and finally ended at 3679.63, showing a sharp rise of 58.85 against yesterday's close of 3620.79.The BSE-100 firmed up by 23.72 points to 1852.61.— PTI

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