The Bombay Stock Exchange (BSE) sensex crossed the 3,100-mark on Friday, with technology stocks rallying on the back of overnight gains on the US-based technology-heavy exchange Nasdaq, which encouraged investors to take a bit of the battered sector.
The sensex closed 38.48 points higher at 3,119.18, its highest level in a month. Meanwhile, at the National Stock Exchange (NSE), the S&P CNX Nifty index rose 9.50 points to 995.20.
Losers outnumbered the gainers, indicating that the market was still cautious. Among infotech counters, Infosys Technologies advanced 5.07 per cent to Rs 3,534.20, driven by a two per cent rise in its American depositary receipts on the Nasdaq overnight.
Leading brokerage house CL Securities has recommended a 'buy' on Infosys, with a price target of Rs 4,450.
Other technology stocks also rallied on cue from the industry leader. Satyam Computer rallied 2.59 per cent to Rs 221.60, while HCL Technologies gained 0.51 per cent to Rs 198 on selective buying interest.
Among frontline stocks, Mastek witnessed hectic activity on institutional buying interest. The stock settled 11.50 per cent higher at Rs 410.05.
Meanwhile, FMCG major Nestle India touched a 52-week high of Rs 573 during intraday trades, but settled 8.06 per cent higher at Rs 569.
The company's Swiss parent, Nestle AG, is understood to have purchased a huge chunk of around 10 lakh shares from UTI through the creeping acquisition route.
Among other bluechip heavyweights, Reliance Petroleum (up 0.92 per cent to Rs 21.95), ITC (up 0.82 per cent to Rs 684.50), Hindustan Lever (up 1.04 per cent to Rs 179.80) and Reliance Industries (up 0.77 per cent to Rs 249.55) remained firmed on sustained buying interest.
However, two-wheeler major Bajaj Auto (down 1.70 per cent to Rs 421.15) and Hero Honda Motor (down 1.57 per cent to Rs 273.55) declined amid talks of a slowdown in the motorcycle segment.
Stocks of state-owned firms such Bhel (down 0.83 per cent to Rs 178.95) and HPCL (down 0.42 per cent to Rs 285.20) also ended lower on selling pressure.
Defensive buying continued in pharma stocks. Key stocks like GlaxoSmithKline (up 1.08 per cent to Rs 371.15), Cipla (up 0.93 per cent to Rs 912.40) and Ranbaxy Labs (up 0.48 per cent to Rs 904.70) ended higher on selective buying interest.
