The Hindu : Business : Sensex recovers on Wipro's liberal bonus

Online edition of India's National Newspaper
Saturday, Apr 17, 2004

Business

Business

Sensex recovers on Wipro's liberal bonus

MUMBAI, APRIL 16. Led by IT sector, stocks staged a moderate recovery after the brief overnight reaction aiding the Sensex to end 19 points higher even as late squaring up by operators kept the market under pressure. This time it was IT major Wipro, which came to the rescue of the stock market. The company announced a liberal bonus issue in the ratio of two for one and indicated encouraging outlook for the current fiscal.

The market had suffered a sharp setback yesterday after a liberal bonus announcement by IT bellwether Infosys Technologies on Tuesday prompted a massive price rally.

The BSE benchmark 30-share index opened firm at 5868.39 and later surged to the intra-day high of 5903.13. However, the Sensex met with a moderate resistance due to squaring up by operators during the last 30 minutes and ended at 5862.82 against yesterday's close of 5843.97, netting a gain of 18.85.

Operators were seen squaring up their weekly positions ahead of the weekend session tomorrow. The BSE has kept a trading session on Saturday between 10 a.m. and 2 p.m. and the trades would be settled on April 20 as a separate settlement.

Wipro, Zee Telefilms, Infosys, Satyam Computer, Bajaj Auto, Grasim, MTNL, BHEL, ACC, Dr. Reddy's Lab, HLL, REL and Ranbaxy registered remarkable gains.

However, HDFC, HDFC Bank, L&T, ICICI Bank, Tata Motors, ONGC and Hero Honda showed moderate losses.— PTI

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