BSE Resumes Trading After Technical Snag; Infosys Soars

The Nifty traded higher after dropping as much as 20 points, while Sensex values started updating after the Bombay Stock Exchange sorted out the technical glitch that prevented prices from being updated in early trade on Wednesday. Due to a technical snag in the index calculation system in the first few minutes, index calculation did not take place, a BSE spokesman told Reuters. (Read full story here) "The system has been restarted by technical team and is now working fine," he added. Dealers told Reuters there was no official communication from the exchange, but prices were not updating from the beginning of the session. Meanwhile, Infosys surged around 6 per cent, helping the broader markets climb after a negative start. Infosys was the top Nifty gainer. Other IT stocks such as Wipro and Tech Mahindra also saw buying interest. Indian markets have hit successive record highs over the last three sessions and analysts expect markets to take a breather. The Nifty has surged over 250 points in the last four sessions. SV Prasad of Chime Consulting told NDTV that the market buoyancy would continue till the budget. Unless something crazy happens, don't think markets will fall, he added. Mr Prasad said foreign investors have been steadily buying Indian shares, which is a good sign. FIIs bought cash shares worth Rs 682 crore on Tuesday though domestic institutions sold shares worth Rs 1,215.5 crore. Rohit Srivastava, fund manager at Sharekhan said lot of value buying has happened and the Nifty may hit 7,740 in the short term. Over the medium term, the Nifty may even hit 8,400, so a lot of upside still possible, he added. State Bank of India Associates surged on reports that India's biggest lender will merge its five subsidiary banks with itself. State Bank of Bikaner and Jaipur jumped over 10 per cent, while SBT traded with over 8 per cent gains. As of 10 a.m., the Nifty traded 8 points higher at 7,664, while the Sensex was up 35 points at 25,619.

BSE Resumes Trading After Technical Snag; Infosys Soars

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