MUMBAI: The Bombay Stock Exchange (BSE) Sensex snapped a 4-day losing streak and rose 0.5% on Wednesday as export-led outsourcers Tata Consultancy Services (TCS) and Infosys Technologies hit all-time highs on improving prospects.

Expectations of robust quarterly earnings helped pull up metals such as aluminium maker Hindalco that gained 2.6% and Tata Steel, the world’s eighth-largest steel maker, which rose 2.2%. Traders said Infosys set the trend for the session, a day after the second-largest software exporter raised its annual sales forecast as big financial services clients boost orders in an improving global economy.

TCS hit a record high of Rs 796, up 6.3%, while Infosys scaled a new peak at Rs 2,700.10, up 4.4%. Third-ranked Wipro rose as high as Rs 718.50, its highest level since April 2000, and ended up 3%. “The decision-making freeze among customers in the past six quarters is giving way to an urgency to outsource,” CLSA said on Tuesday. The brokerage has a “buy” rating on Infosys and “outperform” ratings on TCS and Wipro.

The 30-share BSE Sensex closed up 0.5%, or 87.29 points, at 17,509.80. Half of its components advanced. “I don’t think there is any reason to be bearish on our market,” said DD Sharma, senior vice president at Anand Rathi Securities. “We are picking up fast. IIP (index of industrial production) numbers have been good, indicating good growth.”

Banks fell on concerns their December quarter results could be muted on sluggish loan growth and a sharp rise in bond yields last year could hit treasury income. State Bank of India dropped 1.2% to Rs 2,177.85 while rival ICICI Bank eased 0.3% to Rs 839.90. Non-ferrous metals producer Sterlite Industries declined 1.5% to Rs 862.70. Base metals prices pared losses on Wednesday, having initially fallen on concerns growth and demand may moderate after China’s policy tightening. The 50-share NSE Nifty closed 0.5% higher at 5,233.95.

Bharti Airtel fell 1.1% to Rs 318.75 after analysts said the top mobile operator’s purchase of 70% in Bangladesh’s Warid Telecom was unlikely to add value in the near term. — Reuters

Cement makers such as ACC and UltraTech rose 5.3% and 5.1% respectively, on hopes for an increase in cement prices, dealers said. Second-ranked motorcycle maker Bajaj Auto gained 0.8% at Rs 1,712.25, a day after its quarterly profit net profit tripled.

State-run oil marketing companies Bharat Petroleum, Hindustan Petroleum and IndianOil rose between 0.6-2.2%, as oil prices dropped below $80 per barrel.