Mkt close near day's high: Tech stocks surge

The markets closed near day's high after a sluggish start. Technolgy stocks bucked the treand with IT major coming positive set of numbers inline with street expectations. IT index gained a whopping 6% with Infosys, TCS, Wipro, HCL Tech among the top gainers on the bourses. The broader markets also closed higher with breadth is in the favour of advances. Oil, pharma, realty and power sectors also ended higher.

Mkts choppy: Technology stocks gain

After a sluggish start in the morning the markets have moved upwards amid volatility. Both the frontline indices are trading flat. Technology stocks are hogging the limelight with Infosys numbers being better than street expectations. The IT index is up over 3% with Infosys and TCS up over 4% followed by Satyam up over 3%. The broader ,markets are doing well helping the breath to recover. Midcap IT stocks are also trading in green.

The Asian markets are trading mixed but are off the day's lows.

However, banking, metal, realty and oil stocks are under selling pressure. The BSE Bankex, Metal, Realty and Oil & Gas indices were down 1.1%, 1.03%, 0.43%, and 0.37%, respectively.

10:29 am: The markets have turned into choppy mode ahead of results announcements and reacting to mixed Asian cues after weak opening in morning trade. Infosys numbers did not support the markets to boost though they are better than expectations. Market breadth is positive.

At 10.29 hrs IST, the Sensex was down 30.65 points or 0.19% at 15776.99, and the Nifty down 4.35 points or 0.09% at 4773.45. About 1503 shares have advanced, 1233 shares declined, and 338 shares are unchanged.

Top gainers on the bourses were Infosys, TCS, Ranbaxy and HCL Tech while losers - HDFC, HDFC Bank, Hindalco and Nalco.

Orchid Chem, Reliance Petroleum, Infosys and Reliance Industries were most active shares.

Technology stocks have outperformed the markets on Infosys good numbers and guidance. BSE IT Index was up 3.6% as buying seen in Infosys (up 4.7%), TCS (up 3.7%), Wipro (2.8%) and Satyam (2.7%).

Telecom stocks are also witnessing buying interest. The BSE TEck Index rose 1.6%.

However, banking, metal, realty and oil stocks are under selling pressure. The BSE Bankex, Metal, Realty and Oil & Gas indices were down 1.1%, 1.03%, 0.43%, and 0.37%, respectively.

At 9:56 am - The markets have opened lower on the back of marginally weak global cues and selling pressure in banking, power, metal, realty, oil, capital goods and auto stocks. Market breadth is negative. Midcap and small cap stocks also slipped. On the global front, Asian markets were trading mixed.

At 9:56 am, the Sensex was down 202 points at 15,605 and the Nifty down 58 points at 4,719.

ICICI Bank, SBI, L&T, BHEL, Reliance, Axis Bank, PNB, Tata Motors and DLF were down.

Infosys was up 2.2% at Rs 1459 after announced of Q4 and FY08 numbers, which are inline with the expectations. It has posted posted FY08 net profit of Rs 4659 crore as against Rs 3856 crore in FY07 and net sales at Rs 16692 crore versus Rs 13893 crore.

Asian markets were trading mixed. Shanghai Composite was down 1.33%, Hang Seng down 0.30% and Seoul Composite down 0.41% while Jakarta Composite rose 0.5%, Nikkei up 0.97%, Straits Times up 0.09% and Taiwan up 0.20%.

US markets fell for a second day as Wachovia declared an unexpected first quarter loss. On the other hand, a US government report declared better-than-expected growth in retail sales. The Dow Jones industrial average slipped 23.36 points, or 0.19%, to 12,302.06. The Nasdaq composite index dropped 14.42 points, or 0.63%, to 2,275.82.

Market cues:

• US extends Friday losses; Asia relatively stable after sharp plunge on Monday
• FIIs net sell $78 mn in equity
• MFs net buy Rs 317 cr in equity
• NSE F&O Open Interest up by Rs 3,366 crore at Rs 60,297 crore

F&O cues:

• Futures Open Interest up by Rs 830 crore and Options Open Interest up by Rs 2,536 crore
• Nifty Apr Futures shed 21 lakh shares in Open Interest
• Nifty May Futures add 16 lakh shares in Open Interest
• Nifty Apr at 5-point discount, May at 8-point discount
• Nifty Open Interest Put-Call ratio at 1.25 Vs 1.20
• Nifty Puts add 24 lakh shares in Open Interest
• Nifty Calls add 12 lakh shares in Open Interest
• Nifty 4700 Put adds 15 lakh shares in Open Interest
• Nifty 4800 Call adds 3.8 lakh shares in Open Interest
• Nifty 4900 Call adds 3.5 lakh shares in Open Interest
• Stock Futures add 66 lakh shares in Open Interest