Market operators said that one reason why these stocks have been consistently bullish is due to the interest shown by LIC, which has been mopping up shares in large blocks. Market watchers, analysing this trend, said that with a general lowering in interest rates, the traditional investment avenues for the corporation would not yield the same returns as it has so far. Further, it is also planning to lower its premium rates, which are anyway at nominal levels. At this point, equities - in spite of the heavy risk associated with them - offer opportunities for substantial appreciation especially IT stocks, which can be labelled as safe bets in an otherwise see-sawing market.

Bullish on Wipro
The share price of Wipro hit the circuit breaker today, on sustained buying pressure, even as the rest of the market was on the downward trend. The more-than 200 per cent increase in its net profit for the third quarter has been reflected in the scrip being fancied across the board.

Dealers closely tracking the scrip's movements said that the price could well cross Rs 4,000 by the close of next week. From around Rs 1070 in September, the price of the scrip has climbed consistently (with brief pauses) to its closing price of Rs 3521 today. On Monday, the scrip closed at Rs 3261 on the BSE. The highly diversified company has interests in hardware, consumer care products, lighting products and finance.

-- Contributed by Janaki Krishnan