Though the stock indices rallied strongly since morning, the IT stocks appeared to have put up a tepid show with not all of them joining the party.
Even among the 50 Nifty stocks, the gains were not spread uniformly with nearly half of the 45 gainers seeing gains in single digits and five of the Nifty stocks actually trading in the red.
Among the Nifty constituents, the financials came up trumps gaining massively riding on the hopes that the softening of inflation would finally nudge the RBI to cut the bank interest rates in a significant way that its benefits percolated down to the borrowers.
PNB gains the most
Punjab National Bank was the biggest Nifty gainer in terms of percentage, up by 6.44 per cent or Rs 49.30 to Rs 815.10. Kotak Mahindra Bank gained Rs 32.10 or 4.4 per cent at Rs 762, IndusInd Bank jumped by Rs 19.40 to Rs 509.70. ICICI Bank gained Rs 39.40 to trade at Rs 1186.85, Axis Bank moved up to Rs 1,504.95, a gain of Rs 37.45 and HDFC Bank was trading at Rs 711.05, a gain of Rs 22. SBI, in terms of value, was the biggest gainer among the bank stocks, up by Rs 78.75 at Rs 2371.80.
The other major Nifty gainers were L&T that was up by Rs 51.05 at Rs 1,572.40, HDFC that gained Rs 40.35 at Rs 911.20, Asian Paints which moved up to Rs 4822.65, a gain of Rs 73.65. Rate sensitive sectors like automobiles too witnessed robust buying with Maruti, M&M, Hero MotoCorp gaining significantly.
IT stocks left behind
But many other heavyweights like Tata Motors, ONGC, BPCL, ITC and Sun Pharma saw their gains restricted to single digits.
But what was surprising was that IT stocks did not join the party in the same way despite the fact that the rupee had turned very weak in the past few days. TCS was up by just Rs 14.20 at Rs 1472.15 and Infosys gained a mere Rs 5.95 at Rs 2356. HCL Tech in fact was down marginally by Re.0.55 at Rs 744.55.
The Nifty was up by 132 points about 30 minutes before market was to close.