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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (978)	3/1/2000 8:53:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

Stocks bounce back; tech, telecom lead rally Investors realising Tuesday's budget will not have an adverse impact as originally feared, pivotals bounced back on the Bombay Stock Exchange. ============= ..... Said BSE broker Pawan Dharnidharka, "the markets had over-estimated the negative impact of the budget proposals and switched into buy mode on Wednesday when the picture became clearer." Bank shares like ICICI Bank, HDFC Bank, Bank of Baroda and others were locked in the upper circuit filter on proposed abolition of two per cent interest tax that would reduce the burden on borrowers and help improve credit offtake, dealers said. Though reduction in tax exemptions by 20 per cent every year in a phased manner on export earnings is likely to affect the infotech industry, shares of major software companies scored impressive gains as the proposal was unlikely to have much impact on performance of big firms. Satyam Computer soared by Rs 403.95 at Rs 5453.95 and Infosys zoomed by Rs 696.35 at Rs 9400.95. Others like Rolta, Hughes Software and HCL Technologies also hit the upper end of the circuit filter. Telecom giants HFCL, Global Tele, MTNL, Krone Communication, Shyam Telecom, Tata Telecom and ITI were at the forefront in the rally while others like Reliance, Sterlite and Finolex too made hefty gains on heavy buying support from institutional investors. Pharma stocks, however, witnessed sustained selling pressure on the second consecutive day following lack of attention by the Finance Minister towards the sector in the budget...... indian-express.com ``The rally in IT scrips that started off in line with sharp spurt in the Nasdaq Index last night, was enlivened by the statement of Finance Minister Yashwant Sinha that tax concessions currently enjoyed by Export Processing Zones and technology parks would continue, but units set up after April 1, 2000 will only be covered by the proposed 20 per cent tax scheme,' said a fund manager.