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Indian stock markets volatile despite lack of volumes

February 4th, 2008

The Indian stock markets plunged at the opening bell, went on gaining points but reversed the course in the last two hours of trade finally closing in the positive region.

The Sensex closed up 18,660.32 up by 417.74 points or 2.29%. The BSE Midcap Index is up 3.14% while the BSE Small Index is up 2.87%. NSE Nifty last ticked 5463.50 points and is up 2.75%. Nifty Junior is up 3.09%. CNX IT is up 4.50% while Nifty Midcap 50 is up 4.15%. On the BSE Sectoral Indices, Realty, IT, PSU and Metal are up 3%.

IT stocks had a good day today. While the large cap stocks maintained their gains, few select midcap IT stocks took a plunge. Rolta is up 23.37%, Mphasis is up 10.99% while Tech Mahindra is up 6.22%. Few analysts gave a buy rating for Mphasis with a target of Rs. 357. Mphasis opened that day at Rs. 255.00, touched an intraday high of Rs. 285.00 and intraday low of Rs. 250.15 and closed at 274.65 on the NSE

Sans the HDFC Bank, almost all Banks on the Bank Nifty had a good day. ICICI Bank closed up 1.18%, SBI and Bank of India are up over 4%, Union Bank is up 8.55% and Oriental Bank of Commerce is up 9.14%.

Yes Bank is up 1.62% today. The script last traded at Rs. 257.70 and is now carrying an Accumulate rating by analysts.

Entry Filed under: Equities, IT & ITes, Banks & NBFC, BSE, NSE, Closing Bell