Bull-dozed: Sensex ends 485 points up ahead of earnings

Bulls have taken control of Dalal Street on Wednesday after a consolidation for previous four days, supported by foreign money. It seemed like the benchmark Nifty has given a signal to cross the all-time high soon; it closed at 32-month high today on broadbased buying and stayed above 6200 level.

Vibhav Kapoor of IL&FS is bullish on the market in the medium-term and is expecting it to touch new highs by December-end. ''Unless something really happens to change the current conditions, I think you could be definitely going for a new high by the end of December and probably even go upto maybe 6,700-6,800 levels as the new year comes in,'' he said.

Technology was the leading sector today ahead of Infosys' earnings, which will start the earnings for quarter ended September 2010 on Friday. According to the poll by CNBC-Awaaz, IT bellwether Infosys is likely to post net profit of Rs 1,718.9 crore, an increase of 15.5% on quarter-on-quarter basis and revenues rose 9.02% to Rs 6,757.1 crore (QoQ).

Shares of India's largest IT exporters TCS and Infosys jumped 4.4% & 2.5%, respectively. Wipro was up 4.3% and HCL Tech up 3.4%. The BSE IT Index surged 3.15%.

The pricing of India's largest IPO - Coal India - was also a supportive factor for markets and experts believe that it will attract global players. Coal India has set a price band at Rs 225-245 a share for its initial public offering of 63.16 crore equity shares - 10% dilution by govt. The government will raise more than Rs 15,000 crore through IPO.

Chetan Bhatia, Managing Director of Oppenheimer, said that CIL is likely to see robust demand from global players. Kapoor is bullish on the Coal India initial public offering (IPO). He said, "At 15-16 times, I think it's quite reasonably priced and should give you reasonable appreciation over the next 12 months."