Mumbai, Jan 10: The markets bounced back on Monday as buying sentiment revived in select infotech counters resulting in the Sensex scoring a gain of 104 points. Yet the underlying sentiment was marked by caution which was reflected in the wild swings during the day. Market players are waiting with bated breath for Infosys' third quarter results due on Tuesday.The Nasdaq factor and the general uncertainity about the IT stocks had their fair share in Monday's volatile trading. With a record volume of 2.84 lakh shares on the BSE, the Infosys scrip was one of the most volatile counters on the bourse. Finally, the stock closed at Rs 13,700, a net gain of Rs 532, reversing the trend of three successive losses last week.While a strong closing on the Nasdaq on Friday night had given enough room for the players to expect a strong rally in the IT counters, the previous declines in these counters also prompted some players to unwind. Accordingly the Sensex witnessed wild gyrations throughout the day but closed 104 points higher over its Friday close of 5414. For Tuesday's trading, the market is pinning a lot of hope on Infosys' third quarter results.After a strong opening - up more than 200 points to 5617 - the Sensex touched its all-time high at 5668.28 but soon dipped to the day's low of 5459, mainly on unwinding of positions. However, on the back of a strong rally in Infosys, when the scrip gained close to Rs 1,000, the index showed substantial gains and finally closed at 5518. However, despite the volatility, unlike other volatile sessions on the bourse, the day's turnover was at a respectable level of Rs 3,554.81 crore.According to brokers, the volatility is mainly on account of portfolio reshuffling and balancing. ``Balancing of portfolio is taking place in the market. This will lead to broad-basing of the market and I expect the runaway trend to end soon,'' said a dealer with a domestic broking house.For Tuesday, the market is pinning a lot of hope on Infosys' third quarter results which is due on Tuesday. The market expects at least 100 per cent growth in bottomline for the nine-month period ended December 1999 compared to the corresponding period of fiscal 1998. According to market players, in case Infosys beats the market expectation, ``we are likely to see another rally in infotech stocks.''Among the software stocks, Satyam Computers and Digital Equipments hit the upper circuit. Aptech, Aftek Infosys, Websity Info, Vans, PSI Data, KLG Systel, and VJIL too reported impressive gains.For the Sensex, besides Infosys, ITC, HLL, MTNL and Bhel provided major help. ITC, for the third consecutive day, hit the upper circuit on the BSE. HLL too showed an impressive gain of three per cent. MTNL also hit the upper circuit but on closing showed a net gain of around seven per cent. Among the pivotals, Tisco, Telco, Bajaj Auto, Bhel and Tata Tea showed impressive gains. Reliance and SBI witnessed huge profit booking. Both these counters showed a fall of more than two per cent. Index-based counters like NIIT, L&T and Hindalco showed a substantial fall.Meanwhile, stocks like Colgate, Sail, Indogulf Corporation, GE Shipping, Escorts, ICICI Bank, ICICI, P&G, Parke Davis, and Bata showed impressive gains. Those which entered no-delivery period showed a gain of eight per cent. Stocks like Himachal Futuristic, Videocon International, Amaraja Batteries, and McDowell feature in this list.
