Second Day Tech Rally - Market Update

Market Update Analysis:

Second Day Tech Rally

Author: 123jump.com Staff
123jump.com
Last Update: 2:34 PM EDT April 16 2008

Stocks in India edged higher after a rally in tech stocks. Infosys earnings lifted the tech sector for the second day in a row. Rallies India soared 6% after it reported earnings of 115% to 125 crore rupees and sales increase of 7.6% to 692 crore rupees for the year ended in March. Nicholas Piramal agreed to purchase antibiotics and pain killers drugs from Khandelwal Labs for 116 crore rupees.

10:00AM New York, 7:30PM Mumbai - Sensex edged higher on a rise in tech, banking and energy stocks.

Market Sentiment

Indian markets closed mixed on Wednesday with the 30-share BSE Sensex rising 0.6% or 90.53 to 16,244.19.

In the broader markets, Nifty advanced 0.2% or 7.65 to 4887.30.

Of the BSE traded shares, 1,864 stocks gained, 816 stocks declined and 74 stocks remained unchanged.

Stocks in software services, metals, oil & gas and banking sector rose.

Infosys surged 6% for the second day and led the gainer in the Sensex index while Wipro, Reliance Energy, Hindalco and Reliance Industries also rose.

Turnover

Daily turnover on the BSE stood at 6,767 crore rupees and 14,844 crore rupees on the National Stock Exchange.

Orchid Chemicals & Pharmaceuticals was the most active stocks on the BSE with the highest turnover of 783.04 crore rupees followed by Reliance Petroleum, Reliance Industries, Reliance Natural Resources and OnMobile Global.

Gainers and Decliners

Gail India closed up 1.5% to 454.60 rupees and Essar Oil to 0.5% at 263.35 rupees. ICICI Bank gained 1.1% to 815.75 rupees.

Maytas Infra fell 1.5% to 644.10 on news reports that the company has secured an order worth 68 crore rupees from AP Road Development Corporation, Andhra Pradesh for building a bridge.

Earnings News

Infosys Technologies rose 5.9% at 1,599.95 rupees after the company on Tuesday reported first quarter consolidated net profit of 1,249 crore rupees on a 6.3% revenue growth to 4,542 crore.

Rallis India rose 5.8% to 432.50 rupees after the company reported 115.4% surge in net profit to 125.19 crore rupees on 7.6% rise in net sales to 692.15 rupees crore in the year ended March 2008 from a year ago.

Nicholas Piramal India surged 2.5% to 328.10 rupees after the company signed an agreement with Khandelwal Laboratories for the purchase of its anti-spasmodic Anafortan and antibiotic CEFI brands for a total consideration of 116 crore rupees.

Reliance Update

Reliance Natural Resources gained 1.6% at 104.40 rupees and Reliance Industries was up 1.4% at 264.80 rupees.

International Markets

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