As the results for the quarter ended September 2013 continue to trickle in, stock markets have held themselves. And on Friday, the benchmark Sensex at the Bombay Stock Exchange witnessed a strong rally of 2.3 per cent or 467 points to close at a near three-year high of 20,882.9.
IT stocks have a weightage of 18 per cent in the Sensex and a rise in IT stocks over the last few days have certainly had an impact on the overall gains in BSE Sensex.
“Several factors are working. While IT performance is having its impact, the banking sector has also gained with improvement in liquidity conditions. Also postponement of tapering of quantitative easing programme by US has also helped the market,” said Pankaj Pandey, head of research at ICICI direct.