Mumbai: Stocks of companies from the infrastructure sector and also those that have stakes in insurance companies witnessed hectic activity in Wednesday's market on expectation that the government would soon announce some reforms in these two sectors.
On the other hand, stocks of some of the software companies witnessed selling on fears that the recent rally in the rupee against the US dollar would pull down their revenues from exports.Among insurance stocks, Max India closed 6.4% higher at Rs 233, while Bajaj Finserve was up 3.8% at Rs 925, Aditya Birla Nuvo gained 1.1% at Rs 910. Among infrastructure stocks, IVRCL was up 4.6% at Rs 51 while Gammon India closed 4.2% higher at Rs 51.50.
Among the IT stocks, Infosys closed 1.2% lower at Rs 2,579 while Wipro was down 0.7% at Rs 381. Both the stocks closed lower on fears that these companies, already under pressure due to slow revenue growth over the last several quarters, may witness some slide in quarterly revenues because of the recent rally in the rupee which on Wednesday closed at 52.17 to a dollar, a five-month high, compared to 56 just three months ago.
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