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Earning hopes light up Street

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Newswire 18 Mumbai
Last Updated : Feb 05 2013 | 12:50 AM IST
The Nifty rose over 2 per cent, settling above 4000 for the first time since February 22, due to strong buying and short covering on expectations of robust corporate earnings.
 
Firm cues from the Asian and European markets also kept sentiment upbeat.
 
"Infosys earnings have restored some confidence in the market but the rise we've seen in the past two sessions is due to over exuberance. Market may correct heavily if the next earnings numbers disappoint," a dealer said.
 
Industry bellwether Infosys Technologies reported better-than-expected January-March profit on Friday. On Monday, technology major Tata Consultancy Services is seen reporting a 51 per cent on year rise in net profit at Rs 1,200 crore.
 
TCS shares rose 1.4 per cent to Rs 1,280 ahead of its earnings on Monday and on reports of a Rs 420 crore deal from Bank of China.
 
The Bombay Stock Exchange Sensex ended at 13695.58, up 311.50 points or 2.3 per cent, after touching a low of 13479.49 and a high of 13708.40 intraday.
 
The National Stock Exchange Nifty ended at 4013.35, up 96.00 points or 2.5 per cent. It moved between a low of 3920.50 and a high of 4016.80 in the session.
 
Combined turnover on both exchanges was around Rs 13,100 crore, down 10 per cent from Friday.
 
The CNX Midcap Index was up 1.5 per cent and the S&P CNX 500 Index was up 2.1 per cent.
 
Gains in index heavyweights Oil & Natural Gas Corp and Reliance Industries, which ended over 3 per cent up on Monday, pushed indices higher.
 
The biggest Nifty gainers were "� Suzlon Energy, up 7.7 per cent at Rs 1,188, Zee Entertainment, up 6.6 per cent at Rs 272, and ACC, up 4.9 per cent at Rs 785.
 
Suzlon Energy extended gains on value buying after winning a 88 mw turbine deal from US' Tierra Energy last week.
 
Tata Steel rose 4.6 per cent to Rs 534 on talk that holding company Tata Sons may hike stake in the company. Tata Steel board meets on Tuesday to discuss a rights issue.
 
Infosys Technologies rose 2 per cent to Rs 2,129. Emkay Share and Stock Brokers recommends investors buy the scrip with a target of Rs 2,616.

 
 

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First Published: Apr 17 2007 | 12:00 AM IST

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