Mumbai, May 31: As the market rallied upwards for the third successive day,the barometer of the bullish sentiments was mirrored in the rise in pricesof infotech stocks. A quick survey of the prices of some of the leadingscrips between May 29 and May 31 shows that significant gains have been madeby most of the stocks. Operator driven counters Himachal gained by 58 percent, while Global has moved up by 26 per cent.Satyam, which has become a favourite with consistent FII buying in it in thelast few days (nothwithstanding controversies), moved up by 32 per centstarting from a level of Rs 1919 while its current price is Rs 2541.
While the IT stocks were the first to melt during the bearish mood of thelast two months, they have proved to be more ebullient in their bounceback. Market sources said that FII buying in the infotech stocks had again pickedup and domestic funds who have been indulging in shoring up their stock ofdefensive scrips (read FMCG and MNC shares) have cautiously turned to thenew economy stocks again. The new age Big Bull, who started the craze forinfotech stocks in the first, is also rumoured to be active in his favouritecounters. Silverline for instance, which has moved up by a respectable 27per cent, in the run up to its ADR roadshows.
Zee, the media scrip, has also moved up by 37 per cent starting from a levelof Rs 377 to Rs 516 now. Software Solutions is another scrip which has movedup by a hefty 50 per cent. Infosys would appear to be the only one which hasactually showed a decline of 25 per cent moving from 5611 to a current levelof around 5000.
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