Tuesday started on a cautious note (Monday was a holiday). Bears went on a rampage on Monday across global markets. All major indices in Asia and Europe ended in the red. US indices also ended lower following Wachovia's earnings and the outlook for corporate profits. Back home, the market was eagerly awaiting Infosys' results. Inflation continued to be a cause for concern.
It was a weak start to the Tuesday session as the benchmark Sensex fell over 200 points in the opening trades itself. However, the Infosys quarterly numbers met market expectation and lifted the key indices to positive territory. Zee News surged after the company announced its Q4 net profit at Rs 153 million and rise in revenue of 60% to Rs 1.1 billion. Finally, the market closed higher after a sluggish start with tech stocks leading the rally. Oil, pharma, realty and power sectors also ended higher. The BSE Midcap and Smallcap indices also closed higher.
On Wednesday, the market closed with marginal gains. The opening was firm but profit booking was seen in the last hour of trade. Stocks like Infosys, Satyam and Wipro were among the major gainers. Even the mid- and small-cap stocks were in demand. Buying support was seen from technology, telecom, realty, power, oil and banking stocks. Capital goods witnessed some profit booking while, auto and FMCG stocks experienced sluggish trading.
Lower inflation numbers boosted the market on Thursday. Realty, technology, metal, banking, and telecom stocks outperformed the markets. All BSE indices ended in green.
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