Market wrap- up: IT stocks gain on weak rupee

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Indian Equity Markets moved into the positive terrain & hit fresh intraday high in early afternoon trade as bargain hunting emerged after share prices declined sharply on Thursday. Hero MotoCorp extended intraday gain. Tata Steel reversed intraday losses.

IT stocks rose on recent steep slide in rupee. Realty stocks edged higher on renewed buying. Capital goods stocks also edged higher. The market breadth, indicating the overall health of the market, was positive. The BSE Sensex was 51.75 points up at 8771.04 & The CNX Nifty was 15.85 points up at 5671.75.

Who Moved and Why

  • Future Retail slumped on turning ex-scheme of arrangement today.
  • MMTC hit a lower circuit limit of 5%, extending recent steep slide triggered by government concluding the divestment of 9.33% stake at a huge discount.
  • Eight IT stocks rose amid recent weakness in rupee against the dollar.
  • LIC Housing Finance rose on reports the company’s board has cleared a proposal to apply for a banking license.
  • Vijaya Bank fell as stock turned ex- dividend for dividend of Rs 2.50 per share for the year ended March 2013.
RR Financial Consultants‘s insight:

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