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India's stock market is on fire. Indian Stock Market reached 20,000 mark for the first time in history. The benchmark, which only needed five sessions to vault from 18,000 to 19,000 took however a bit longer period for its next 1,000 points jump. Analysts believe that robust global markets, awesome performance from some top rung organizations and expectations of a cut in bank rates triggered a this massive rally on the major Indian bourses today.

Indian companies like Reliance Industries, L&T, BHEL, ICICI Bank and HDFC have performed wonderfully, but India's software darlings like Infosys, TCS and Wipro seemed a bit dump, they are not down, but certainly not on the forefront as the stock market reached a new high. Solely, its rising rupee, which is causing the rift.

 

This article says, the big companies must work hard to maintain and renew their contracts with western organisations

The recent rise in the rupee against the US dollar is expected to continue for some time to come, barring any political crisis or natural disaster, according to the Indian press.

NASSCOM, the public body that represents outsourcing organisations based in India, forecast that the Indian technology sector would rise by 27 per cent in the financial year 2006-2007, but in fact it rose 30 per cent, to $US40 billion. For the 2007-2008 financial year NASSCOM has forecast a rise of between 24 per cent and 27 per cent, equivalent to a staggering $US50 billion of revenue.

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