Markets bounce back
The markets bounced back smartly in trades on Monday on the back of fresh buying in IT shares ahead of the results season.
IT major Infosys is set to kick-start the earning season on October 11, 2013. IT firms are expected to do well on the back of sharp fall in Rupee versus the dollar in the just concluded September quarter.
Back to markets today, the BSE index had slumped to a low of 19,648 (down 268 points from the previous close) in early deals mirroring cues from the other global markets.
However, fresh buying in IT shares in the second half of the trading day saw the index erase all its losses and rebound into the positive terrain.
The Sensex touched a high of 19,921 at the fag end of the day, and finally settled with a minor loss of 21 points at 19,895.
The NSE Nifty was almost unchanged at 5,906.
The BSE IT index was the top gainer, up 1.2 per cent at 8,119. Infosys ended with a marginal gain at Rs 3,020. TCS surged 2.5 per cent to Rs 2,084, and HCL Technologies rallied 2 per cent to Rs 1,117.
Among other midcap IT stocks - Financial Technologies soared over 5 per cent to Rs 168. Tech Mahindra and Oracle Financial gained around 3 per cent each.
Among the Sensex 30 stocks, Tata Steel jumped over 4 per cent to Rs 300. Hindalco also spurted over 3 per cent to Rs 122, and Jindal Steel moved up 1.5 per cent to Rs 240.
BHEL and Gail India were the other major gainers.
On the other hand, Coal India slumped over 3 per cent to Rs 300. Bharti Airtel slipped 1.7 per cent to Rs 323.
ICICI Bank, Maruti and Larsen & Toubro also declined around 1.5 per cent each.
SBI, Reliance and HDFC Bank were the other notable losers.
The market breadth was positive at close of the day. Out of 2,522 stocks traded on the BSE, 1,280 advanced, while 1,089 declined today.
The markets bounced back smartly in trades on Monday on the back of fresh buying in IT shares ahead of the results season.
IT major Infosys is set to kick-start the earning season on October 11, 2013. IT firms are expected to do well on the back of sharp fall in Rupee versus the dollar in the just concluded September quarter.
Back to markets today, the BSE index had slumped to a low of 19,648 (down 268 points from the previous close) in early deals mirroring cues from the other global markets.
However, fresh buying in IT shares in the second half of the trading day saw the index erase all its losses and rebound into the positive terrain.
The Sensex touched a high of 19,921 at the fag end of the day, and finally settled with a minor loss of 21 points at 19,895.
The NSE Nifty was almost unchanged at 5,906.
The BSE IT index was the top gainer, up 1.2 per cent at 8,119. Infosys ended with a marginal gain at Rs 3,020. TCS surged 2.5 per cent to Rs 2,084, and HCL Technologies rallied 2 per cent to Rs 1,117.
Among other midcap IT stocks - Financial Technologies soared over 5 per cent to Rs 168. Tech Mahindra and Oracle Financial gained around 3 per cent each.
Among the Sensex 30 stocks, Tata Steel jumped over 4 per cent to Rs 300. Hindalco also spurted over 3 per cent to Rs 122, and Jindal Steel moved up 1.5 per cent to Rs 240.
BHEL and Gail India were the other major gainers.
On the other hand, Coal India slumped over 3 per cent to Rs 300. Bharti Airtel slipped 1.7 per cent to Rs 323.
ICICI Bank, Maruti and Larsen & Toubro also declined around 1.5 per cent each.
SBI, Reliance and HDFC Bank were the other notable losers.
The market breadth was positive at close of the day. Out of 2,522 stocks traded on the BSE, 1,280 advanced, while 1,089 declined today.
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