Wednesday, 20 April 2011

A Clever Short Covering Bounce, Zoom HCL Tech

Apart from the Indians rebounded strongly marks on the back of short covering today after a day of consolidation yesterday. The market fell nearly 600 points on Friday and Monday.

The Nifty touched 5800 level to 48 units in 50 were on the radar of buyers. Technology, financial oil and gas, capital goods and consumer sectors were supporting metal markets.

HCL Technology rose 8% after the implementation of Steller in the quarter ending March 2011. Its net profit increased by 17% in Q3 to Rs 468 crore on the basis of one quarter to another.

TCS rallied 2.5% above the numbers on Thursday. Wipro gained 1.5%.

Siemens, Jaiprakash Associates, L & T, Reliance Infrastructure, Sesa Goa, Sterlite, Hindalco, ITC, Tata Motors, M & M, ICICI Bank (about Rs 1100 a share) and the SBI has been a market leader over.

However, Hero Honda down 2.5%, as it ex-dividend of 70 rupees per share.

At 9:18 CET, the share of 30 BSE Sensex was trading at 19,316, up 194 points and NSE Nifty 50 greater participation 61 points to 5,801.

The CNX Midcap gained 79 points at 8,287 and BSE Smallcap Index has surged 44 points to 8806. Nifty Junior was up 92 points at 11,580.

About 788 shares advanced against 130 shares fell on the National Stock Exchange

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