A Buy was initiated in Glodyne Tech at Rs.7 and Tulip Telecom Ltd at Rs.8. Both the scrips are expected to move up in tandem with the buoyancy in the broader market. The Economic Times writes, "Given the current state of affairs, the one sure-shot bet that can take the markets to highs of 23,000 by the end of this year (2013), of course amid a somewhat collective rally, is the IT space. Experts are very bullish on the sector which is one of those that is insulated from whatever happens to the India growth story". "Growth rate, albeit at a lower level, seems to be slightly more visible in businesses like IT, pharma, consumption and oil & gas ... IT clearly does stand out right now purely because you are playing a developed market proxy and emerging market weakness through IT," says Nikhil Vora of IDFC Securities. "Obviously, these sectors (IT and pharma) which are clearly export-led stand to be the biggest beneficiary (of the falling rupee). To back it up you have corporate balance sheet ... So the Eurozone also stabilises, it will be a further boost for many IT companies," Arindam Ghosh, CEO, BlackRidge Capital Advisors, said.
The market breadth, indicating the overall health of the market, was positive today. On BSE, 1,248 shares rose and 1,043 shares fell. A total of 101 shares were unchanged. The BSE Mid-Cap index rose 0.67% and the BSE Small-Cap index gained 1.27%. Both these indices outperformed the Sensex.