Several reasons for IT going up

1. Oil prices cooling off, hence inflaiton would eventually tame off. I believe from here the inflation just goes down. Good for the economy in general.

2. Rupee depreciating - has a positive effect on IT sector (because of large net exports) - Rupee has been depreciated for a long time - at it is still expected to continue

3. Commodity prices falling - with the commodity prices falling, institutional investors who had earlier invested in commodities will now look for other places to invest: aka equity of emerging markets, hence drive the prices up.

4. Market - Market jumped around 4% today, and the reasons for the same are not expected to vanish away in the recent future.

5. IT sector increase - Market jumped by around 4% today, but the IT sector jumped by just 2.85%, which is less than expected. To catch up with the rest of the market, it will increase soon, and more than the market.

Current index price:
BSE IT - 4,066.93 (up 2.85%)

Just clarifying before the opening of the market that this view is a longer-term view, with a period of about 2 weeks to 8 weeks.

Index Open High Low Current Value Previous Close Change(Pts) Change(%)

IT 4,045.67 4,105.26 4,021.42 4,085.70 4,066.93 18.77 0.46

SENSEX 14,895.85 14,994.15 14,766.01 14,899.10 15,049.86 -150.76 -1.00

Even when Sensex dropped by 1%, IT sector was the biggest gainer (at 0.46%).

After opening, IT sector went up by up to 1.46% before coming down. So, the maximum profit bookable by day-trading in IT sector today was 1.46%.

By simple day-trading rules, I'm sure that atleast 0.73% profit would have been achievable in the reality.