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Tech stocks gain momentum

Tech stocks gained momentum in afternoon trades. Tech pivotals like NIIT (up 8.52% to Rs 403.20), Infosys Technologies (up 5.38% to Rs 3,800) and Satyam Computer (up 7.96% to Rs 177.65) gained further in afternoon trades, lifting the Sensex.

As a result, the BSE Sensex was up 68.21 points to 3,473.07.

The NSE S & P CNX Nifty Index was up 15.05 points to 1,109.05.

Media major Zee Telefilms (up 1.44% to Rs 116.10) recovered from an intra-day low of Rs 109.65 on renewed institutional buying interest.

Among non-tech Sensex stocks, Bhel (up 4.31% to Rs 171.65) remained firm on institutional buying.

FMCG heavyweight Hindustan Lever (up 3.58% to Rs 204.05) continued to attract institutional buying.

Pharmaceutical pivotals Cipla (up 1.67% to Rs 1,130) and Dr Reddy's Laboratories (up 1.36% to Rs 1,599.15) were steady.

Meanwhile, ICICI (down 2.72% to Rs 71.40), Tata Steel (down 1.23% to Rs 116), Castrol (down 1.31% to Rs 217.70), Grasim (down 0.90% to Rs 302.50), Bajaj Auto (down 0.81% to Rs 256.50), ITC (down 0.43% to Rs 768.80) and State Bank of India (down 0.27% to Rs 219.20) were subdued.

Non-Sensex tech stocks like HCL Technologies (Rs 289.10), Digital Equipment (Rs 508.15), Aztec Software (Rs 83.80), Ramco Systems (Rs 315.10), VisualSoft (Rs 91.80), Geometric Software (Rs 77.50), Subex Systems (Rs 55.15) and Soffia Software (Rs 33.40) were frozen at the 8% upper limit of the circuit breaker.

Among telecom stocks, Krone Communications (Rs 127.50) hit the 16% upper limit of the circuit breaker.

While Global Tele-System (up 13.43% to Rs 171.90) crossed the 8% upper limit of the circuit breaker, HFCL (Rs 90.10) hit the 8% upper limit of the circuit breaker.

Among optical fibre makers, while Aksh Optifibre (Rs 135.10) was frozen at the 8% upper limit of the circuit breaker, Sterlite Optical (up 3.79% to Rs 345.10) gained further ground on fresh buying.

Among non-Sensex pharmaceutical stocks, Krebs Biochem (Rs 90.70), Suven Pharma (Rs 115.90) and KDL Biotech (Rs 28.85) were frozen at the 8% upper limit of the circuit breaker.

Selective buying continued in pharmaceutical stocks like Torrent Pharma, J B Chemicals, Shasun Chemicals, Ajanta Pharma, German Remedies, Abbott Laboratories, Kopran, Panacea Biotech, Lupin Laboratories, Duphar Pharma, Morepen Laboratories, Rhone Poulenc and Aurobindo Pharma.

On the other hand, Sun Pharma, Alembic, Ipca Laboratories, Astra-IDL, Novartis, Glenmark Pharma, Knoll Pharma, Parke-Davis, E Merck, Burroughs Wellcome, SmithKline Beecham Pharma, Wyeth Lederele, Fulford, Pfizer, Wockhardt and Cadila Healthcare were trading in the red.

Among banking stocks, Bank of Baroda (up 5.38% to Rs 55.85) was firm after the company posted FY 2001 results on Thursday. For the year ended 31 March 2001, the public sector bank posted a net profit of Rs 274.66 crore (Rs 502.77 crore) on an income of Rs 6,463.62 crore (Rs 5,860.80 crore). For Q4 ended 31 March 2001, it posted a net loss of Rs 154.55 crore (NP Rs 130.77 crore) on an income of Rs 1,735.84 crore (Rs 1,622.32 crore).

Selective buying was seen in banking stocks like Dhanalakshmi Bank, Global Trust Bank, Bank of Rajasthan, UTI Bank, Federal Bank, Bank of India, IDBI Bank and Corporation Bank.

Counters like United Western Bank, ICICI Bank, HDFC Bank and J & K Bank were trading in the red.

Source: www.capitalmarket.com

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