The benchmark index closed with a gain of 47.94 points or 1.44 percent at 3,376.21 on the Bombay Stock Exchange (BSE) Wednesday, buoyed by impressive April-June quarterly results announced by heavyweight technology companies.

Dealers said that domestic operators and select foreign institutional investors rushed to enlarge their holdings in new economy shares after Satyam Computer Services, India's fourth-largest software exporter, and Hughes Software posted results that whacked market estimates.

Hyderabad-based Satyam reported Wednesday that its net profit jumped 141 percent in April-June from a year earlier, soundly beating expectations despite a slowdown in the United States.

Hughes Software Systems, a New Delhi-based communication software developer, also beat analysts expectations by more than doubling its net profit for April-June over the previous year's quarter. The company's net profit rose to Rs.187 million from Rs.93 million a year ago. Net sales rose 77.09 percent to Rs. 634 million from Rs. 358 million.

The Satyam stock rose 3.4 percent to Rs. 172.10 while Hughes Software was up 1.3 percent to Rs. 608.85 in Wednesday's trade.

"The impressive results posted by the leading technology companies comes as a major relief for the market operators who were waiting for a positive trigger to enlarge their position at the bourse," said a stock market analyst.

The Indian rupee, meanwhile, ended Wednesday at a new low. It closed at 47.15/16 against the dollar, marginally weaker than its previous close of 47.14/15, largely due to the absence of corporate interest and very little inter-bank activity.

Among other companies in the technology sector, Infosys, India's second-largest software developer, gained 7.8 percent to Rs. 3,767.40. The stock opened subdued despite impressive first quarter results announced Tuesday and an overnight $3 gain in Infosys' American depository shares. Infosys had reported a 50 percent rise in net profits for the April-June quarter.

Selective buying was also seen in shares such as Polaris Software, Pentasoft Technologies, Digital Equipment, HCL Technologies, Silverline Technologies, DSQ Software, Tata Elxsi, PSI Data Systems and CMC.

In the old economy sector, Ranbaxy Laboratories gained 8.3 percent to Rs. 534.90 on news reports that the company is scouting strong brands for acquisition in the herbal segment.

Other major gainers in the sector included Tata Engineering, Bajaj Auto, Mahindra and Mahindra, Colgate-Palmolive, Dr. Reddy's Laboratories, Hindustan Lever, Reliance Industries, state-run Hindustan Petroleum Corporation Ltd., and ICICI.