Techs pilot rebound

STOCKS REPORT

The markets bounced back today after three consecutive days of losing streak. Technology shares led the rebound, as bargain buying and short covering at lower levels during the fag-end of the day buoyed the sentiment. The BSE-IT index was up by 2.54 per cent to 1,800.58 points.

The Bombay Stock Exchange's Sensex, the benchmark index, closed at 5,700.40, gaining 50.54 points, or 0.89 per cent. Displaying extreme volatility, the benchmark index, touched a low of 5,570.81 and a high of 5,735.94 in intraday trades. The National Stock Exchange's S&P CNX Nifty, a broader index, added 6.80 points to close at 1,812.20.

Market players said there was some nervousness in morning trades following the depressed sentiment on stock markets globally after the Madrid blasts.

But, bargain hunting, specially in blue-chip shares, emerged at the lower levels towards the end of the trading. Most of these scrips had witnessed selling pressure during the past few sessions.

ONGC, whose public issue closes on Saturday, lost 3.41 percent to Rs 800.95. Traders said the counter witnessed selling pressure on reports that the subscription figures of the recent book-building issues announced by BSE may not be correct.

Shares in IPCL fell nearly six percent to Rs 193.45 and those in Dredging Corporation of India sank by more than two percent to Rs 556.80. HPCL was up 2.98 per cent to Rs 498.25 and MTNL was up 1.83 per cent to Rs 142. Despite the recovery in the broader market, the BSE PSU index ended with a loss of 0.55 per cent.

Infosys Technologies was 4.24 per cent to Rs 5,059.80, Satyam Computer was up 3.43 per cent to Rs 302.85 and Wipro was up 2.20 per cent to Rs 1,470.20.

Tech stocks had taken a battering during the past few trading sessions following sustained weakness in the tech-heavy Nasdaq and growing opposition in US to the outsourcing of American jobs to India.

ICICI Bank was up 3.22 per cent to Rs 288.75 and Hindustan Lever was up 2.07 per cent to Rs 157.50. Gujarat Ambuja Cements was up 2.19 per cent to Rs 303.65, ACC was up 1.89 percent to Rs 260.90 and L&T was up 1.84 per cent to Rs 575.80.

Bajaj Auto was up 1.64 per cent to Rs 872, Tata Motors was up 0.68 per cent to Rs 489.35 and Hero Honda Motor was up 0.37 per cent to Rs 474.15. ITC was down 1.15 per cent to Rs 1,135.20, Reliance Industries was down 0.27 per cent to Rs 563.50 and State Bank of India was down 0.17 per cent to Rs 598.85.