Sensex Today: Sensex inches up by 45 pts.

Tech Mahindra, I-flex, Glenmark & Moser Baer in thick of action

Sensex behaved again in the manner we predicted yesterday. Marred with lot of volatility, it finally managed to add 45 points with an intra day volatility of 260 points. Action was seen in the Auto stocks primarily on renewed buying interest. However, Tech Mahindra was the star attraction of todya's trade. The stock closed 20% higher with no sellers at Rs. 1490. The company has announced the signing of a five-year deal to provide BT with strategic sourcing services. This contract is expected to create new revenue for Tech Mahindra in excess of $1 Billion over this period.

However the day was not good for I-flex investors as the stock tumbled by 11% on fears of dumping of the stocks by large players in open market. The stock, intrestinglly, was quoting at a huge discount in futures yesterday as compared to its closing price in cash segment.

Another attraction was listing of the Great Offshore. The stock settled at Rs 725 on NSE which is in line with market expectations.