Market recovers 19 points on Wipro's liberal bonus Friday, April 16 2004 17:19 Hrs (IST)
Mumbai:
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. Wipro announced a liberal bonus issue in the ratio of 2:1 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 Tech on Tuesday prompted a massive price rally.
The BSE Benchmark 30-share Index opened firm at 5868.39 and later surged up to the intra-day high at 5903.13. However, the Sensex met moderate resistance due to squaring up by operators during the last 30 minutes and ended at 5862.82 as against yesterday's close of 5843.97, netting a gain of 18.85 or 0.32 per cent.
Operators were seen squaring up their weekly positions ahead of the weekend session tomorrow. The BSE has kept a trading session tomorrow between 10:00 and 14:00 hours (IST) and the trades would be settled on April 20 as a separate settlement.
