The market opened in positive terrain after the massive rally on Wednesday. The Sensex was up 26.94 points at 20017.12 while the Nifty gained 4.80 points at 6074.10. Experts warn that the market may run into choppy waters in the near-term.

Technology stock markets were gaining some momentum and the index was up over 1 percent. IT stocks are likely to be in focus today after Cognizant Technology Solutions posted 16.6 percent rise in consolidated net profit at USD 284.2 million for January-March 2013 quarter (Q1) and maintained its outlook of 17 per cent revenue growth this calendar year. Cognizant’s earnings and outlook come at a time when Indian IT firms have painted a mixed picture for the industry.

HDFC continued to see buying interest after the stock hit 52-week high yesterday. Aided by robust loan growth, India’s largest mortgage lender reported a forecast-beating 17 percent year-on-year rise in its fourth quarter (January – March) net profit to Rs 1,555 crore. Net interest income (NII)  increased 13 percent Y-o-Y to Rs 1,900 crore during the quarter.

Bharti Airtel and Tata Motors were the other lead gainers in the Sensex. SKS Microfinance was up 6.70 percent on the back of strong fourth quarter earnings. The non-banking finance company turned profitable with January-March net profit at Rs 2.7 crore (up 135 percent sequentially) as against loss of Rs 329.5 crore in a year ago period. Total income rose nearly 44 percent (up nearly 12 percent Q-o-Q) to Rs 95.1 crore from Rs 66.1 crore year-on-year.

Meanwhile, Sterlite, Sun Pharma, Cipla, Maruti and Coal India were dragging in the early trade. Most of the ADAG stocks like Reliance Communication, Reliance Capital and Reliance Power were under pressure. Companies which are expected to announce March quarter earnings today are PNB, Union Bank, HCL Infosystem, Indian Bank, Jubilant Foodworks.

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