Second Day Tech Rally

123jump.com Staff
16 Apr, 2008
New York City

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.

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

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

In Tokyo Nikkei 225 Index closed higher 155.55 or 1.20% to 13,146.13, in Hong Kong Hang Seng index decreased 22.98 or 0.10% closed to 23,878.35. In Australia ASX 200 index higher 69.90 or 1.29% to close 5,470.30. In Malaysia KL Composite index increased 9.44 or 0.76% closed to 1,253.64.

In South Korea Kospi Index increased 16.39 or 0.94% to close at 1,758.56, in Thailand SET index closed higher 6.28 or 0.76% to 833.38 and Indonesia JSE Index edged increased 43.67 or 1.90% to 2,337.92. Sensex index in India increased 90.53 or 0.56% to 16,244.19.

In London FTSE 100 Index closed higher 139.30 or 2.36% to 6,046.20, in Paris CAC 40 Index increased 74.42 or 1.56% to close at 4,855.10 and in Frankfurt DAX index higher 117.79 or 1.79% to close at 6,702.84. In Zurich trading SMI increased 63.28 or 0.88% to close at 7,250.70.