Market Surged In Early Trade On Capital Goods

Author: Anurag Bhullar

The BSE Sensex in the early trading on Friday was up over 1.5 percent at 10,745 points. The Nifty on the other hand gained 57 points and was trading at 3326 levels. Buying was seen in capital goods, IT stocks, oil and gas stocks. BSE’s capital goods index soared 2.8 percent in the early trading. Wipro, with its jump of 3.6 percent, is among the top gainers of early trading hours. Banks stocks were in the red zone and Sterlite was down by 6 percent.

Among the sectors indexes, BSE’s IT index surged around 1 percent, BSE”s Oil and Gas index was up by 1.17 percent whereas BSE Bankex dropped 0.98 percent.
	On Friday in the IT sector, two major companies- Satyam Computers and Mphasis reported their second quarter earnings. Satyam Computer Services Ltd. reported a worthy net profit of Rs 597.43 crore for the quarter ended on 30, September, 2008. The net profit was up by 3.7 percent as from the last quarter ended on 30, June, 2008. Net sales for this quarter also moved up to Rs 2700.52 crore from the figure of Rs 2526.90 of the last quarter of April-June, 2008.