Money on the markets

BSE IT index gains 3.15 pct

IT stocks posted smart gains on Wednesday as IT cos’ stocks gained on expectations of strong quarterly earnings.

Oracle Financial Services Software ended 4.6 percent higher as the top gainer in the index.

Infosys Technologies, which will unveil its results on Friday, gained 2.5 percent. Tata Consultancy Services and Wipro gained 4.6 percent and 4.5 percent respectively.

Top IT services firms are set to ring in robust quarterly profits aided by strong demand from western clients, but a rising rupee is seen crimping profit margins in the second half.

Would you invest in this sector currently?

Sensex touches 20,000 – Highlights

Share your views as the Sensex crosses the 20,000 mark for the first time since January 2008.

Reliance Industries shares gain more than 1 pct

Shares in Reliance Industries, India’s top listed firm, gained 1.1 percent on Tuesday, helping the benchmark index close marginally up.

The stock, which has the highest weight on the main index, closed at 1,026 rupees.

The oil secretary has said that Reliance Industries will be able to pump natural gas at full capacity from its deep-sea field during the year to March 2013, indicating a delay of almost two years. The stock too has been weak off late, and has fallen 5.5 percent since July.

BP Plc is in talks with Reliance Industries to sell its African retail assets that could be worth as much as $500 million, four sources told Reuters last week.

Do you think it’s a good time to invest in this stock?

IT counters post decent gains

The BSE IT Index gained 1.7 percent on Tuesday as expectations of revenue growth for the June quarter pushed up export-focused outsourcing firms.

All stocks in the IT index, except Mphasis, closed in positive territory, with Rolta India leading the list of gainers with a jump of 4.1 percent.

Biggies Tata Consultancy Services and Infosys rose 2.5 percent and 1.6 percent respectively, helping the Sensex in its 173-points rise.

Kotak Securities has said it expects 5.2 – 6.7 percent constant currency revenue growth for the tier-1 IT companies for the June quarter.

Do you think IT stocks will continue to rise from here?