Market breadth positive

After tumbling in the opening session, the maket continued with its recovery in early trade on value buying. IT scrips, however, remained weak after IT bellwether Infosys Technologies today, 11 July 2007, cut its FY 2008 EPS and revenue guidance in rupee terms while announcing Q1 June 2007 results.

Sensex is trading at 14970.03 down 39 points and Nifty is trading flat at 4402 down 3.40 points, at 12:35 pm.

Infosys Technologies slipped 3.41% to Rs 1,951.Though trading weak, tther IT pivotals, too, had come off their lows after having slipped sharply in early trades. TCS (down 3.15% to Rs 1,148), Satyam Computers (down 3.13% to Rs 478) and Wipro (down 1.32% to Rs 514) edged lower.

Reliance Energy (REL) vaulted 3.20% to Rs 632.20.It plans to invest Rs 60,000 crore to add 15,000 mega watts (MW) of power over the next five years. This will boost the company’s generation capacity almost 17 times from 941 MW now. The stocks was also boosted by market rumors that promoters may hike stake in REL by 5%, taking it around to 40%.Cement major ACC (up 3% to Rs 1068) and Grasim (up 1.96% to Rs 2780) were the other gainers from the cement pack.