Sensex bounces 146 pts; IT, pharma lead rally

Market benchmark Sensex surged by 146 points today to close at 28,301, snapping a two-session losing run as IT stocks led the recovery after TCS said its board will consider share buyback next week.

The 30-share Sensex, after opening on a strong note at 28,223.85, succumbed to profit-booking and slipped into the negative terrain to hit the day's low of 28,146.19 before bouncing back to close higher by 145.71 points, or 0.52 per cent at 28,301.27. It touched an intra-day high of 28,327.84.

The gauge had lost 196.06 points in the last two days. The 50-share NSE Nifty gained 53.30 points or 0.61 per cent to 8,778. Intra-day, it shuttled between 8,783.95 and 8,719.60.