IT stocks push the market up

MUMBAI, INDIA: It's been a great week for the investors and brokers, particularly dealing with IT stocks. For whole of the week, the IT stocks showcased a strong growth and rallied up consistently.

In fact, on the week's last trading day, both IT stock indices witnessed a rise of just under two per cent; however, the Nifty's CNX IT index crossed the BSE IT index by around 300 points ending the day at 4076 points, while the latter ended at 3778.67 points.

Market analyst viewed that the strong rally in the market is because of good sentiment among the investors and traders.

“There has been no particular reason for the market's up-swing and pricing movement. In fact, TCS had announced its results last Friday, which were not expected by the market and followed up with Wipro's results. Both stocks have performed well against the expectation,” said India Infoline's IT analyst, Rajiv Mehta.

“Hence, its the strong sentiment prevailing in the market and among the investors, which is so far reflecting in the stock numbers,” he added.

At BSE, most tech stocks remained in the green zone through the week. However, three stocks remained among the pick of the day that included Infosys Technologies Ltd, Oracle Financial Services Software Ltd and Tech Mahindra Ltd.

Infosys made a gain of Rs. 43.50 ending the day at Rs. 2003. 35, followed by Oracle Financial Services Software with rise of Rs. 20.55, closing at Rs. 1334.90.

While, Tech Mahindra stocks which had failed to attract traders last week, came in the ring with Rs. 11.15 rise in its value, ending the day at Rs. 795.70.

This apart, other tech stocks showed signs of improvement. Wipro closed at Rs. 459.40, a rise 3.15 per cent in value but couldn't moved ahead of TCS, which ended at Rs. 481.85. And the stocks of HCL Technologies Ltd and MphasiS Ltd were steady at Rs. 234.40 and Rs. 432.95 respectively.

Meanwhile, at NSE, Educamp Solutions rose over 4 per cent making a strong gain of Rs. 173.40 ending the day at Rs.4146.15. Even here, both Infosys and Oracle Financial Services made a strong head way at Rs. 2003. 65 and Rs. 1336.05. However, in the forex market, rupee was down by 0.14 paise against the US dollar, which was traded at Rs. 48.44.

Overall, the BSE sensex ended the day at 15,378.96 points with gains of 147.92 points, while the NSE crossed the 4500 points mark and closed the day at 4568. 55 points.