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India’s Silicon Valley is saying goodbye to Nandan Nilekani, the engineer-entrepreneur who co-founded Infosys Technologies and helped put India on the global IT map.
A statement from the country’s No. 2 software exporter on Thursday said Nilekani has been invited by the prime minister to head the government agency Unique Identification Authority of India in the rank of a cabinet minister.
Nilekani’s exit throws up several questions — what prompted this co-chairman with a spotless past to take up a government responsibility? In a nation of billion-plus people where corruption is seen putting the brakes on most government initiatives, can Nilekani replay a corporate story of success? Can he bring the same professionalism in the corridors of power at Raisina Hill?
Nilekani, who was honoured with the Padma Bhushan in 2006, joins a list of corporate stalwarts who are making way for a younger crop being groomed for higher responsibility.
The BSE Sensex closed 1.37 percent higher on Thursday, tracking a rally in global markets on ebbing concerns about the health of the financial sector and the global economy.
Trade was volatile and the benchmark closed 164.19 points higher at 12,116.94, while the Nifty ended 1.62 percent higher at 3,683.90.
The BSE Sensex closed 6.4 percent higher on Monday, its biggest one-day gain in six months, boosted by encouraging manufacturing data at home and renewed investor activity across Asia.
The benchmark closed 731.5 points higher at 12,134.75, while the Nifty ended 5.1 percent higher at 3654.
The rise in the Sensex was led by Reliance Industries, Infosys and ICICI Bank.
On the sectoral front, the BSE Metal Index gained nearly 8.7 percent. This was followed by the IT Index which ended up 8.4 percent. All sectoral indices closed the day in the green.
Well things looked shaky in the morning with the Sensex in negative territory, but it managed to recover in late trade to close 52 points up at 8954.86.
After rising over 1 percent in early morning trade today, the benchmark index pared gains and just managed to close 27 points higher at 9042, as worries over grim domestic and global economic outlook capped gains made on hopes of an interest rate cut.
The day belonged to technology stocks which appeared attractive post a weakening in the rupee (it continues to trade close to 50 per dollar levels). The BSE IT index closed 2.4 percent higher. Shares in Tech Mahindra gained over 12 percent, Wipro was up 5.4 percent and Infosys ended 2.5 percent higher.