Technology and banking stocks push the market out of losing trend

11 October 2005

New Delhi: The markets opened the day with substantial gains, helped by strong results from Infosys. Both Sensex and Nifty opened with large positive gaps and gained close to a per cent each in opening trades.

The decline was sharp and sudden and the indices were deep in red within half-an-hour of opening. The Sensex went below the 8400 mark or a decline of over a per cent. The weakness came in from most frontline stocks as they tumbled to their day's lows. Even technology stocks gave up most of their gains and some of them drifted into the red.

The recovery was led by banking stocks which rallied strongly in early afternoon trades. The indices bounced back into gains as SBI, PNB, ICICI Bank and OBC all notched up significant gains.
The technology stocks too went back to the highs posted in morning trades, giving more strength to the indices. The indices held on to their gains in late trades as ONGC joined the party.

Infosys opened the day with a large positive gap and rallied over 3 per cent in early trades. The stock gave up part of its gains when the markets declined after opening before recovering and closing with gains of well over 2 per cent.

TCS turned weak after a firm opening in morning trades. The stock recovered smartly by early afternoon and closed the day with gains of over a per cent. TCS is expected to announce its quarterly results later in the day.