Mumbai: After the overnight beating, the sensex once again turned strong on the back of a smart stocks rally led by IT sector during morning trading on the Stock Exchange today (Apr 16, 2004) on revival buying support from investors.

The BSE Benchmark 30-share Index opened firm at 5868.39 as against yesterday's (Apr 15, 2004) close of 5843.97 and later surged up to a high at 5886.74 before being quoted at 5886.09 at 10.30 hrs (IST).

Commenting on the sudden turnaround after yesterday's retreat, brokers said the price rally this time is led by a liberal bonus announcement by IT major Wipro which recommended two shares for every share held in its board meeting held this morning. The company has also recommended a total dividend of Rs 29 per share including Rs 25 as a onetime cash dividend.

IT stocks had retreated yesterday after a liberal bonus and hefty special dividend announced by Infosys Technologies prompted a sharp rally on Tuesday.

Besides key technology stocks like Infosys Technologies, Wipro, Satyam Computers and Zee Telefilms, old economy shares like Tata Motor, Tisco, RIL, L&T, Dr Reddy's Lab, BHEL, Bajaj Auto, ACC, SBI and a few others were quoted remarkably up.

However, Abbott, Spice, P&G, Lupin and EIL showed marked falls due to selling pressure.