Technology stocks today have bucked the trend and trading with smart gains. While the main BSE index is down 0.7% (104 points) at 14,346, the BSE IT index has advanced over 1% (40 points) to 3,903.
Dollar strengthening and value buying have propped up these counters. The rupee today breached the $44-mark. Infosys acuquisition news has also boosted the sentiment.
Infosys Technologies yesterday said it will acquire UK-based and London Stock Exchange-listed Axon Group, a SAP consulting company, in an all-cash deal worth around Rs 3,300 crore ($753.1 million).
While the Infosys ADR dropped 4% to $39.90 on the Nasdaq yesterday, the stock today rebounded into green after a negative start. The stock is now up 0.8% (Rs 14) at Rs 1,716.
Other prominent gainers - HCL Technologies, i-flex, Satyam Computers, TCS, Tech Mahindra and Wipro up 1-2% each.
Patni Computers and Rolta, however, are down 1.5% each.
