Ahead of fiscal first quarter earnings from the software exporters, investors are worried of the impact of rising wages, strengthening rupee, and higher cost of travel and work visa on company earnings.

Tech Mahindra jumped nearly 6% to 1,475 rupees leading the rally in software exports. Satyam Computer jumped 4.6% to 485.60 rupees on 13 lakh (1.3 million) stock trading volume, Infosys advanced 3% to 1,974 rupees, TCS jumped 4.2% to 1,157 rupees, and Wipro increased 3% to 519 rupees. Infosys is expected to release earnings on July 11.

Cement stocks rebounded for the second day in a row. Birla Corporation jumped 3.5% followed by 3% gain in India Cements, and 2.2% rise in ACC, and 1.9% advance in Ambuja Cements.

Larsen & Toubro jumped 1.7% to 2,371 and traded intra-day record high of 2,385 rupees.

Reliance Communications gained 1.2% to 551 rupees and Bharti Airtel jumped 1.4% to 865 rupees.

Bajaj Auto jumped 1% to 2,110 rupees on the company restructuring announcement. The five division business structure is planned to improve company decision making and new products design.

Mahindra & Mahindra increased 3% on the news that the company is to replace Hero Honda in BSE Sensex on July 9th. Hero Honda gained 1.5%.

Decliners of the Day

ICICI bank fell nearly 2.7% to 978.25 rupees on trading volume of 32.47 lakh (3.2 million) shares. The recently priced secondary offering of 5.81 crore shares, raising nearly $5 billion, was priced at 940 rupees. The stock was offered to retail investor at 50 rupees discount.

Other banks traded lower. Indian Overseas Bank and Vijaya Bank fell 1.7%, HDFC Bank dropped 1.7%, and Punjab National Bank declined 0.9%.