IT pivotals boost markets

The market was trading with marginal gains in opening session. It swung sharply between positive and negative zone.

At 12.00 pm IST, the Sensex is up 44.57 points at 14532.29, and the Nifty up 18.85 points at 4278.25.

Telecom services provider Bharti Airtel rose 1.23% to Rs 843.50, and was the top gainer from the Sensex pack.Grasim (up 0.99% to Rs 2485), Hindustan Unilever (up 0.50% to Rs 189.75), and Hero Honda Motors (up 0.26% to Rs 671.95), were the other gainers.

IT stocks gained on renewed buying. Satyam Computers (up 0.82% to Rs 458.50), TCS (up 0.62% to Rs 1132.50), Infosys Technologies (up 0.36% to Rs 1942.80), and Wipro (up 0.10% to Rs 516) edged higher.

Index heavyweight Reliance Industries (RIL) rose 0.23% to Rs 1,709.90.State run oil exploration major ONGC slipped 0.68% to Rs 910.50, and was the top loser from the Sensex pack.

HDFC lost 0.62% to Rs 1892.50, on reports that it has cut floating rates for new home loans by 25 basis points as part of monsoon offer

ICICI Bank (down 0.66% to Rs 945.50), L&T (down 0.56% to Rs 2151), and HDFC Bank (down 0.50% to Rs 1094), were the other losers.