Markets rally; IT stocks surge on value buying

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, April 30, 2012, 15:41 [IST]

Markets rallied to close higher today led by strong gains in technology stocks. The Sensex gained 131 points, to close at 17318 points, while the NSE Nifty closed 39 points higher at 5248.

IT stocks were in the limelight with TCS and Infosys both rallying sharply on value buying in these stocks. Infosys gained as much as 2.66% in trade today, while TCS rallied almost 3.83%. Analysts see value buying especially in the stock of Infosys after a sharp drop in the stock following a disappointing set of revenue guidance from the company.

Markets rallied today also on a strong belief of further quantitative easing in the US. Among the losers in trade today was BHEL which lost ground after the Rajasthan government cancelled an order for Rs 12,000 crores.

Among the other shares that lost ground today were Maruti Suzuki, Axis Bank and Dr Reddy's Laboratories.

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