Although software stocks have had a relatively quiet spell, these stocks ahead of their first quarter shot back to close with high gains, Infosys froze at the upper end of the circuit at Rs 3326 and as a result, managed to outperform the Sensex over the past four days.

Similarly, the many stocks belonging to defensive sectors like pharmaceutical and fast moving consumer goods (FMCG) have been ignored and have shown a fall in the past four sessions and others have shown only a marginal appreciation. These stocks have moved against the wave and have been sidelined for the time being.

The lack of interest in thesestocks is visible from a marginal fall witnessed in many of the frontline stocks. Pharmaceutical stocks like Knoll Pharma, Rhone Poulenc, German Remedies, Nicholas Piramal and Sun Pharmaceuticals have shown a negative growth. Among the FMCG stocks, Britannia, Reckitt & Colman and Smithkline Consumer have shown a net fall in the past four sessions.

The gains have been as high as 34 per cent in the case of Essar Steel, followed by 29.2 per cent rise in the PSU steel giant SAIL. Essar Steel has shot up from Rs 9.1 to Rs 12.2 and SAIL has zoomed from 6.15 to a high of Rs 7.95 in just four trading sessions. The fact that these scrips carry a much higher upper filter ceiling has aided such a sharp spurt.

After cement, the steel sector has been targeted by the punters and as many as four steel stocks in BSE's group A have seen a steep rise in their values. Among the other steel stocks, the Tata group company, Tisco has shot up from Rs 127 to over Rs 150, registering a rise of over 18 per cent. Sesa Goa too hasrisen by over 13 per cent to 122.5.

Paper has been seen yet another turnaround sector. Scrips belonging to this sector have shown a healthy rise in the past few sessions. Scrips of the paper majors, Ballarpur Industries and ITC Bhadrachalam have shown an appreciation of over 19 per cent. Ballarpur has zoomed to a high of 59.2, a rise of around 20 per cent in just four trading sessions. ITC Bhadrachalam has shot to Rs 32.9, up from Rs 27.5.

The erstwhile market leader Reliance Industries just about managed to move with the Sensex and rose by around 8.6 per cent from Rs 173.5 to the current level of Rs 188.5.Surprisingly, although the hospitality sector is passing through a rough patch, the hotel stocks have been demand in the past few sessions. There has been a lot of institutional buying at these counters. Stocks like EIH limited and Hotel Leela Venture have risen by over 15 per cent. EIH has risen by Rs 35 to Rs 220 and Hotel Leela from Rs 27.55 to Rs 31.9.

The Tata group company, Indian Hotels toohas shot up by over 12 per cent to Rs 359.