Markets Move up after 5 day downside
Monday, May 12, 2008 | | |
Markets today moved up after being down more than 5 days.The Sensex had plunged 863.05 points or 4.9% in five straight trading sessions to 16,737.07 on 9 May 2008 from 17,600.12 on 2 May 2008 as the bears kept hammering stocks cutting across sectors.Firm European and Asian markets triggered the rebound. The S&P CNX Nifty galloped past the 5,000 mark.IT stocks had a good show.Despite the rally in key benchmark indices, the market breadth was weak today. On BSE, 1746 shares declined as compared to 951 that advanced. 51 remained unchanged.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 3.72% to Rs 491), TCS (up 1.08% to Rs 927.40), Wipro (up 1.60% to Rs 509.20), and Infosys Technologies (up 1% to Rs 1768), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.