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Sensex gains nearly 3 pct, Infosys slips

April 15, 2009

BC INDIA EXCHANGEAfter a weak start in the morning, the BSE Sensex erased its losses and closed nearly 3 percent higher at 11,285.

This was the benchmark’s eighth successive rise — its longest winning streak in 18 months.

The rise was led by heavyweight stocks like Reliance Industries (up 3.1 percent), ICICI Bank (up 6.7 percent) and L&T (up 6.6 percent).

Infosys Technologies, the country’s second-largest software services exporter, declared its fourth quarter numbers today. It reported a higher-than-expected 29 percent jump in profits but forecast its first decline in annual revenue as demand from overseas clients slowed.

Shares in Infosys slipped 2.7 percent in trade.

Top benchmark gainers included BHEL, DLF and Tata Motors, gaining in the range of 9.4–11.5 percent.

The realty index surged 8.7 percent. Ansal Properties jumped 17 percent, Unitech rose 14.8 percent while DLF climbed 10 percent.

The markets continue to be on a roll. Do you think the general elections kicking off on April 16 would act as a dampener? Or will we see the Sensex touch 12,000?

Comments

Well, not sure about the election period but there’s no stopping the Sensex zooming past the 15,000 mark if a stable government is voted in.

 

And if we don’t have a stable government then? 8,000 or ?

Posted by Aditya Kalra | Report as abusive
 

Sensex continues with a dream run:it is 3,124 points higher(38.82%)since 9 March rally.At 11,284 points,it has managed to pierce 200 – day SMA.

The first test i.e. Infosys guidance has been disappointing.Infosys says that revenue in dollar terms shall be 3-6.7% lower in FY 2010 and earnings in ADR reporting lower by 11 to 15%.No fresh hiring.

It is being expected that IT companies in 4Q will come out with muted results.But a series of concessions in excise structure have helped FMCG companies.They are expected to report better results.

The second ‘test’ is underway from today.The polling has commenced.The outcome of election results will point to a future direction of sensex.

Is there a pointer that markets will remain firm until last phase of polling?

Posted by A.Kapoor | Report as abusive
 

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