A host of second-rung stocks, especially in the in the tech sector, and select pivotals advanced on Friday on fresh buying support.
However, the 30-share BSE Sensex was down by 5.4 points at 3,187.50 in late-morning trades. The S&P CNX Nifty was up by 2.3 points at 1,027.65.
Second-line IT scrips and banking sector stocks rallied for the second straight session. The top gainers among IT stocks were Hexaware Technologies (up 5.4% to Rs 116.65), with the scrip rallying amid a higher volume of 1.43 million shares on the BSE in the first two hours of the trading session. Other gainers were SSI (up 4.6% to Rs 72.10), Aftek Infosys (up 4.5% to Rs 155.90), Mascot Systems (up 3.7% to Rs 108.50), Infotech Enterprises (up 3.8% to Rs 129.75), NIIT (up 3.8% to Rs 116), CMC (up 3% to Rs 521), Wipro (up 2.2% to Rs 1,388), Hughes Software (up 2% to Rs 184) and KPIT Infosystems (up 2% to Rs 175.75),
Among banking sector stocks, State Bank of India was up by 1% at Rs 285, Punjab National Bank advanced by 2.9% to Rs 101, Bank of India rose by 2.8% to Rs 36.10, Bank of Baroda advanced by 1.3% to Rs 85.80 and J&K Bank was up by 1.3% at Rs 116.
Among side counters, Padmalaya Telefilms was up by 7% at Rs 64.50, Essar Steel (up 6.2% at Rs 7.70), Whirlpool (up 5% at Rs 15.90), Sesa Goa (up 4.4% at Rs 66.50), Balaji Telefilms (up 3% at Rs 61) and Neyveli Lignite (up 3.7% at Rs 27.40).
Dealers said the surge in second-rung IT stocks, select side counters and pivotals was due to fresh buying support after the rally on Thursday. No significant adverse developments on the US-Iraq war front has also aided the sentiment for these stocks.
But dealers said the outlook was cautious as US forces streamed across Iraq's southern desert today, aiming for Baghdad, with no reports of resistance so far. Global crude oil prices, which slipped recently, rose on rumours that Iraq may have set some oil wells ablaze.
In the last two sessions (on Wednesday and Thursday), the Sensex surged by a total of108 points, largely on the back of hopes that the US-Iraq war may come to an end soon i.e. 3-7 days. Global markets have staged a recovery on similar expectations.
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