Book profits in Wipro, advises SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "If one sees such a big run up happening, may be renewed buying interest coming back into the FMCG stocks and financial stocks. So obviously we are seeing the fund shift is taking place. The rupee has stabilized at some level or may have started correcting which has been a lifeline or a trigger for all IT stocks to move up."

"So may be beyond a point people will first choose the weakest one. Generally I have been keeping a cautious stance on IT sector because Wipro is the weakest in that category and I am taking profit booking in that," he said. At 10:06 hrs Wipro was quoting at Rs 478.70, up Rs 10.30, or 2.20 percent. It has touched an intraday high of Rs 483.05 and an intraday low of Rs 471.00. The share touched its 52-week high Rs 501.00 and 52-week low Rs 315.30 on 03 September, 2013 and 31 May, 2013, respectively. Currently, it is trading 4.45 percent below its 52-week high and 51.82 percent above its 52-week low. Market capitalisation stands at Rs 117,995.90 crore.