The Hindu : Business : Sensex recovers 62 points

Online edition of India's National Newspaper
Wednesday, May 05, 2004

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Business

Sensex recovers 62 points

MUMBAI, MAY 4. Led by banking and public sector undertaking (PSUs) counters, shares recovered smartly on the Bombay Stock Exchange here today following emergence of fresh buying by operators and the Sensex rallied by 62.16 points to close at 5647.15 which snapped three-session losing streak.

The recently battered banking stocks came into limelight on fresh buying by operators as well as retail investors on news that most of the commercial banks have drastically brought down their non-performing assets (NPAs) in 2003-04. This could allow these banks to declare dividends without prior approval of the Reserve Bank of India as per the revised guidelines. Most of the PSUs were also in keen demand on somewhat positive predictions given by one of the TV channels for the BJP-led NDA Government ahead of fourth and penultimate round of elections tomorrow. IT shares, particularly front-line, attracted good buying support due to rising value of U.S. dollar which could impact positively on these companies bottomlines. The BSE-30 share sensitive index opened remarkably higher at 5616.41 against yesterday's close of 5584.99 and moved up further to a high of 5677.11 before concluding at 5647.15, a net rise of 1.11 per cent.

— PTI

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