Similarly, brokers also attributed the smart recovery towards the last phase to the purchase orders routed through leading FII brokerage houses. Market grapevine attributed the gains at the counter to warehoused deals reported by Morgan Stanley broking. Morgan was rumoured to have warehoused over 8.5 lakh shares. However it could not be confirmed. The stock closed with a gain of over Rs 4 on both the local bourses.

ITC, SBI newmarket barometers

After Reliance, market seems to have considered ITC and SBI as the market barometers. While SBI received a trigger point with rumours of Morgan Broking picking up substantial chunk at the day's low of Rs 233-240, ITC's move from Rs 1,178, according to brokers, mirrors the beginning of yet another technical rally. However, the tensions at the Kargil front continues to be the caution factor.

Awaiting a rally in Hindalco

Brokers are now awaiting a rally at the counter of Hindalco considering the fact that the stock is quoting at a premium of over 30 per cent at the GDR markets. While at the GDR market the stock is quoting at Rs 830, in the domestic market the stock is being traded in the band of Rs 610-630. According to brokers the steady rise in the prices of aluminium in the international markets has led to this renewed interest at the counter. After Infosys, brokers now expect Hindalco to make records at the GDR markets with arbitrageurs at their best.