MUMBAI: After lying low, the information technology sector is witnessing renewed investor interest. The BSE IT Index was up over 3 per cent on Thursday. The index has gained 6.02 per cent in the past one month.
Analysts said the rise in IT stocks is a typical pre-result rally. "This is a pre-result build-up in the sector. Generally before the earnings season, IT stocks tend to move up in anticipation of companies reporting good numbers. How the results will turn out is yet to be seen," said IT sector analyst Rishi Maheshwari of Networth Stock Broking.
Though foreign investors have been sellers the past few days, the dollar has not flown out of India. This can be gauged from exchange rate, he added.
Today the US dollar was at 39.56 to the rupee, down 0.01 paise from Wednesday. A month ago the Indian currency was at 39.37.
As per SEBI data, foreign funds have net invested Rs 6,063 crore in equities so far in December while they sold Rs 3,548.5 crore worth between Monday and Tuesday.
Also, the sector has been in an over-sold zone and some value buying is seen in heavyweights. Infosys Technologies was at Rs 1,696, up 3.53 per cent. Around 84,070 shares were traded in the counter. It touched a high of Rs 1,699.50 and low of Rs 1,643. It has gained 8.41 per cent in one month.
Satyam Computer Services was up 3.85 per cent at Rs 419.60 on volume of 3,36,675 shares. It touched a high of Rs 421 and low of Rs 404.
Mphasis advanced 4.42 per cent to Rs 288 on volume of 40,791 shares. It touched a high of Rs 290 and low of Rs 275. I-flex Technologies was up 3.75 per cent at Rs 1,490.55. It touched a high of Rs 1,519.90 and low of Rs 1,435.05.
Source - The Economic Times
Analysts said the rise in IT stocks is a typical pre-result rally. "This is a pre-result build-up in the sector. Generally before the earnings season, IT stocks tend to move up in anticipation of companies reporting good numbers. How the results will turn out is yet to be seen," said IT sector analyst Rishi Maheshwari of Networth Stock Broking.
Though foreign investors have been sellers the past few days, the dollar has not flown out of India. This can be gauged from exchange rate, he added.
Today the US dollar was at 39.56 to the rupee, down 0.01 paise from Wednesday. A month ago the Indian currency was at 39.37.
As per SEBI data, foreign funds have net invested Rs 6,063 crore in equities so far in December while they sold Rs 3,548.5 crore worth between Monday and Tuesday.
Also, the sector has been in an over-sold zone and some value buying is seen in heavyweights. Infosys Technologies was at Rs 1,696, up 3.53 per cent. Around 84,070 shares were traded in the counter. It touched a high of Rs 1,699.50 and low of Rs 1,643. It has gained 8.41 per cent in one month.
Satyam Computer Services was up 3.85 per cent at Rs 419.60 on volume of 3,36,675 shares. It touched a high of Rs 421 and low of Rs 404.
Mphasis advanced 4.42 per cent to Rs 288 on volume of 40,791 shares. It touched a high of Rs 290 and low of Rs 275. I-flex Technologies was up 3.75 per cent at Rs 1,490.55. It touched a high of Rs 1,519.90 and low of Rs 1,435.05.
Source - The Economic Times
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