Tech stocks recovered from the lower levels in afternoon trades on Tuesday and, earlier, they had eased after a firm opening.
Software bellwether Infosys Technologies was flat at Rs 4,412 having recouped from its low of Rs 4,358.25. Earlier in the day, the scrip came off immediately after a firm opening. The scrip eased to Rs 4,358.25 in mid-morning trades from a high of Rs 4,494.70 .
A host of other tech stocks witnessed similar trends.
Digital GlobalSoft, though down 2% to Rs 612.60, recovered from Rs 603. Hughes Software Systems (down 1.9% to Rs 159.50) came back from the day's low of Rs 156.40. Earlier, HSS came sharply off the high of Rs 165.40 to hit a low of Rs 156.40 in mid-morning trades.
Subex Systems (down 2% to Rs 119.15) clawed back from Rs 115.25. IT major Wipro (down 1% to Rs 1,439) emerged from the day's low of Rs 1,422. In early trades, the scrip came off a high of Rs 1,474 to hit Rs 1,422 in mid-morning trades.
Some early selling in tech stocks came from retail investors, on profit taking after a spirited rally on Monday. Techs were boosted Monday after US based Alliance announced that it was not exiting its Indian mutual fund operations contrary to earlier media reports.
As for the the US-Iraq war possibility, the next important event is US secretary of state Colin Powell's speech on Wednesday. Powell is to address the UN Security Council on Wednesday along with details of evidence of Iraq's weapons programmes . However, that is not likely to have a major impact on the market, it is felt.
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