New Delhi: The markets opened on optimistic note on Wednesday after Tuesday’s fall on the back of some significant buying momentum seen in the banking, pharma and consumer durable stocks.
The benchmark BSE Sensex staged a strong comeback and rose 107 points in early trading on Wednesday following software major HCL Technologies' strong quarterly earnings.
The BSE-30 share index, which lost over 88 points in the previous session, recovered by 107.46 points at 13,714.50 in the first five minutes of trading.
Similarly, on National Stock Exchange, the wide-based Nifty index was up by 34.70 points at 4,019.65.
However, heavy-weight Tata Steel stocks faced selling pressure and fell by Rs 30.20 to Rs 498.45 after the company's board announced debt and equity issues to finance its $12.9 billion Corus acquisition.
The better-than-expected quarterly earnings by HCL Technologies, recording 72 per cent year-on-year growth in net profit at Rs 331.80 crore for the quarter ended March 31, 2007, influenced trading sentiments on the bourses.
HCL Technologies stocks shot up by nearly 7 per cent at Rs 322 on increased buying by funds and general investors.
Other IT stocks like Satyam Computer, Tata Consultancy, besides ACC, State Bank of India, BHEL and Larsen and Toubro were also in the positive zone.
Asian markets were trading in green on Wednesday.
Japan's Nikkei gained 0.69 per cent or 121.21 points at 17,648.66, Hong Kong's Hang Seng rose 0.38 per cent or 79.46 points at 20,868.07, South Korea's Seoul Composite surged 0.48 per cent or 7.33 points at 1,535.99, Taiwan's Taiwan Weighted advanced 0.43 per cent or 34.51 points at 7,993.80 and Singapore's Straits Times was up 0.04 per cent or 1.21 points at 3,416.53.
Comments
0 comment