Chief contributors to the magic figure of 13000

The Sensex managed to touch the magic figure of 13000 on the back of fantastic second quarter results, excellent FII inflows, Fed leaving interest rates untouched and of course abundant liquidity. However, main contributors for today's high are the frontline stocks like Dr Reddy's, L&T, Bharti and Reliance Communications.

In the first half of the first day of the week, the Sensex touched 13000 points, up 97.47points (0.76% till 1 pm). The biggest contributor has been DRL, which witnessed a 3.29% upward move to touch Rs. 754.40. Next in line is L&T which is up 2.51% to Rs 1,302, followed by Reliance Communication which moved up 2.28% to Rs 395. Other stocks which gave generous returns are Bharti Airtel up 2.08% to 538.25, ICICI Bank (up 2.38%), and HDFC Bank (up 1.44%).

There are stocks in the BSE 30 index which have so far stayed away from the rally and have given negative returns.

Strangely, the IT stocks which have been the most recommended, failed to generate any excitement. Barring Infosys, all other tech constituents of BSE viz Satyam, TCS and Wipro have given negative returns. Commenting on this, Upendra Kulkarni of Fortress Financial said the pattern is short-term in nature and cannot be a phenomenon. All IT stocks are still attractive.

Others which did not participate in the rally today include BHEL, HDFC, State Bank of India. Analysts argue that some of these stocks have already run-up a lot.

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