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Satyam Computers(up 8.71 percent to Rs.459.3) led IT pack pulled up the Indices from the low levels of day. Partly attributing to the weak rupee and strong reports of Indian IT benefiting despite of recession talks, these beaten down IT stocks were back with vengeance. We believe this sector is likely to be in the limelight this year. Though not a market expectation, there were reports of tax benefit to IT companies(registered as EOU’s) are likely to extend for one more year.
Infosys closed the day at Rs.1639.70(up 4.56 percent), TCS at Rs.925(up 4.64 percent), Wipro at Rs.435(up 5.7 percent) and HCL Tech at Rs.285.20(up 6.5 percent).
Major midcap gainers include Bank of Rajasthan (up 17.8 percent – Market Whispers), Centurion Bank of Punjab(up 15.4 percent at Rs.57.45 – HDFC take over talk), Polaris Software (Rs.100.30 – up 8.7 percent – Insider Eye), Gujarat NRE Code(Rs.167.30 – up 7.5 percent), Jaiprakash Associates(Rs.260.35 up 7.1 percent).
Metal stocks shined on the bourses today with Hindalco (up 7.5 percent to Rs.190.40) and Nalco (up 6.67 percent to Rs.404), reflecting their strong counterparts across the global markets.
As mentioned many times volatility is here to stay and pre-budget euphoria is not visible. To a certain extent it augurs well for the market hitting the budget with low expectations.
US Futures point to positive and given the track record of the markets from the last one month it would be too early to rejoice about tomorrow’s session. We are nearing end of F&O series and the next 2-3 days Indian markets will witness volatility. Enjoy your evening.