The earnings season kicked off with Infosys, which reported a spectacular jump in revenues and profits leading to a sharp re-rating of the stock. In fact, the stock jumped almost 20 per cent in two trading sessions. The other IT stocks that reported numbers were TCS, HCL Technologies and Wipro, which all surprised with their revenues, net profits and margins.

Analysts believe that the sector has already been re-rated with the sharp run-up in some of the big IT names. Banking sector results that were declared so far have also met expectations, with Yes Bank, HDFC Bank and Indus Ind bank all doing well.

There was slight disappointment from HDFC Bank, more so, because expectations have run so high from the bank, it might become almost impossible for the bank to grow 25-30 per cent quarter on quarter.

Heavyweight and the largest private sector company, Reliance Industries declared numbers late on Friday. The company reported better than expected results with a net profit of Rs 5502 crores for Q3 FY 13. Profits have risen largely on the back of spectacular gross refining margins of $9.6 per barrel.
The stock is likely to open higher on Monday after the results beat market expectations.

Cigarette to hotel major, ITC, also declared reasonably good profits that were better than expectations at Rs 2052 for the quarter ending December 31, 2012. The stocks is one of the heavyweights in the Sensex and a good performance from ITC always helps to push the Sensex higher.

The only disappointment was from HeroMotor Corp, whose numbers did not go down well with the market. Analysts see a tough time for the stock going ahead.

In the coming weeks markets would watch eagerly for the results of other heavyweights including ICICI Bank and L&T. ICICI Bank is likely to do well, while for L&T it's always difficult to predict numbers.

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