Indian equity benchmarks showed remarkable performance on Wednesday, with the Sensex adding 349 points supported majorly by strong global cues, tracking strong quarterly numbers from technology companies.
Short covering was another reason that led the rally as index had fallen about 600 points in previous sessions.
The 50-share NSE Nifty surged 110.90 points or 1.93%, to close at 5,851.65 - helped by 48 shares out of 50 on the index.
Experts feel that today's rally was quite surprising.
TCS stock, which rose more than 4% and sparkling third quarter result of the HCL Technologies also helped in boosting the indices.
The market is more concerned about the quarterly IT earning results and eagerly waiting for TCS and HCL Technologies to create magic.
HCL Technologies reported quarterly revenues of Rs 4138 crore, earnings before interest, taxes, depreciation and amortisation of Rs 716.6 crore, and a net profit of Rs 468.2.
Private sector lender Yes Bank’s fourth quarter (January-March) net profit rose 45.2% year-on-year to Rs 203.4 crore, beating analysts’ estimates on the back of a strong growth in deposits and loans.
Mukesh Ambani flagship company Reliance Industries (RIL) is set to report 16.8% growth in its fourth quarter net profit of Rs 5,500 crore as against Rs 4,710 crore in the quarter ended March 2010, according to CNBC-TV18 poll.
Regards Hari " लोका समस्ता सुखिनो भवन्तु "
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