The market recovered on Monday due to bargain hunting in tech stocks.

Moving in a narrow range for the entire session, the 30-share BSE Index (Sensex) settled with a gain of 10.80 points at 2,995.30.

The NSE S & P CNX Nifty Index rose by 6.40 points to close at 947.10.

A recovery was seen in tech stocks, barring Infosys Technologies. While tech pivotals like HCL Technologies and Satyam Computer gained ground, NIIT firmed up on the back of impressive quarterly results. Stocks of public sector undertakings (PSUs) rose on disinvestment hopes. The rest of the market displayed a mixed trend.

The quarterly results of various companies is driving the market sentiment of late. The first batch of results, mainly from tech companies, has turned out to be disappointing.

Meanwhile, the inflow from foreign institutional investors (FIIs) has risen in the last couple of sessions after a recent drop. FIIs have stepped up their purchases substantially last week, putting in Rs 227.90 crore on Wednesday compared to a net inflow of Rs 94.70 crore on Tuesday. Earlier, FIIs had pulled out Rs 590.90 crore from Indian equities in three sessions since Infosys Technologies warned of a lower net profit growth this fiscal.

Satyam Computer (up 6.90% to Rs 154.15) recovered on renewed buying support after last week's sell-off. The company will announce its quarterly results on 24 April 2003. Over 98 lakh Satyam Computer shares were traded on the BSE.

HCL Technologies (up 3.89% to Rs 147) recovered on bargain hunting after last week's selling pressure.

BSES (up 1.78% to Rs 223.20) rose on selective buying support ahead of the announcement of the company's quarterly results.

Heavyweights like Hindustan Lever (up 1.23% to Rs 144.60) and Reliance Industries (up 0.32% to Rs 279) also contributed to the gains in the Sensex.

Pharma pivotals like Cipla (down 1.73% to Rs 720.05), GlaxosmithKline (down 0.70% to Rs 306.40) and Dr Reddy's Laboratories (down 0.34% to Rs 900) ended lower on selling pressure.

Infosys Technologies eased from an intra-day high of Rs 3,029 to a low of Rs 2,920.25 before settling at Rs 2,925, down 1.37% from its previous close.

Hero Honda Motor (down 1.83% to Rs 182.80) and Bajaj Auto (down 0.44% to Rs 479.45) also lost ground on selling pressure.

NIIT (up 15.09% to Rs 113.25) firmed up following impressive quarterly results announced by the company last Thursday after market hours. On consolidated basis, for the quarter ended 31 March 2003, NIIT posted a net profit of Rs 5.40 crore (loss Rs 2.60 crore) on total income of Rs 182.10 crore (Rs 158.80 crore). Over 35 lakh NIIT shares were traded on the BSE.

Polaris Software (up 9.42% to Rs 120.80) firmed up on bargain hunting following reports that the company is in a position to launch banking products on quarterly basis. Also, the company has ruled out plans to wind up its business process outsourcing (BPO) business. Over 26 lakh Polaris shares were traded on the BSE.

RCF (Rs 23) was frozen at 20% upper limit of the circuit breaker following reports that the Tatas and Birlas are entering the race for a strategic stake in the state-owned fertiliser major.

Bharat Electronics (up 4.59% to Rs 237) gained further ground on sustained buying support after the company announced its FY 2002-03 results (provisional) last Friday. For the year ended 31 March 2003, the company posted a 38% rise in net profit to Rs 275 crore (Rs 200 crore) on a 32% rise in the sales to Rs 2,571 crore (Rs 1,942 crore).

Bata India (down 2.71% to Rs 26.95) eased on selling pressure after the company announced its results last Saturday. For the quarter ended 31 March 2003, the footwear major posted a loss of Rs 6.57 crore (loss of Rs 4.22 crore) on total income of Rs 144 crore (Rs 136.57 crore).

Source: capitalmarket.com