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Sensex shoots up 277 points on Wipro, Satyam earnings

Sensex shoots up 277 points on Wipro, Satyam earnings
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First Published: Fri, Apr 20 2007. 04 29 PM IST
Updated: Fri, Apr 20 2007. 04 29 PM IST
PTI
Mumbai: The Bombay Stock Exchange benchmark Sensex rises by over 277 points today on frenzied buying by foreign as well as domestic funds on better-than-expected earnings from tech majors Wipro and Satyam Computers.
The 30-share index, which had lost nearly 52 points yesterday, staged a significant recovery to close 277.71 points or 2.04% up at 13,897.41 after touching the day’s high of 13,915.62, thanks to a rally in oil and gas, metal, banking, technology and capital goods sector stocks.
Similarly, the wide-based National Stock Exchange index Nifty, also closed 85.90 points up, or 2.15% higher at 4,0833.55 after hitting an intra-day high of 4,090.05 points.
Stock observers said announcement of higher-than-expected fourth quarter earnings by Wipro and Satyam Computers buoyed the trading sentiments.
They said firming trends at other Asian markets too had a positive impact here.
Wipro, India’s third-largest software services exporter today posted a 24.54% jump in net profits for the fourth quarter at Rs818.9 crore as against Rs657.5 crore recorded in the same period an year ago.
Wipro stocks traded Rs20 higher at Rs596 while Satyam Computer gained Rs17 at Rs465. Infosys Technologies rose 1.66% at Rs2,073.
Satyam Computer too reported a 37.11% growth in net profits at Rs397.50 crore for the quarter ended 31 March against Rs289.90 crore for the same period last year.
Petrochemicals giant and country’s most valued company’s stock, Reliance Industries maintained its record-breaking journey for yet another session to hit new high of Rs1,545 before settling Rs48.35, or nearly 3.5% up at Rs1,541.25.
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First Published: Fri, Apr 20 2007. 04 29 PM IST
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