Pivotals Aid Sensex Upswing, Recover Rs 11,500 Crore

New Delhi, May 24: | Updated: May 25 2002, 05:30am hrs
The 30 Sensex stocks have bounced back with a vengeance recovering about Rs 11,500 crore of lost wealth on Friday. As the war fears receeded, heavyweights like Reliance Industries, Hindustan Lever (HLL), ITC, Ranbaxy, Reliance Petroleum, Satyam Computer, Zee Telefilms, Bajaj Auto and Hindustan Petroleum spurted 5-10 per cent. This contributed to the increase in market caapitalisation (M-cap) and pushed up the Sensex by 142 points (4.55 per cent) during the day.

The upward movement was so strong that 27 of the 30 Sensex stocks closed in the positive territory. Mirroring the trend, about 94 per cent of the A-group counters, 88 per cent from the B1-group and 70 per cent of the B2 group stocks advanced during the day. Satyam Computer and Steel Authority also hit the upper price band of 20 per cent and 10 per cent respectively.

According to a Delhi-based NSE broker: “Today’s gain were due to the discounting of the news that the possibility of a war have become low. Besides, most counters had been battered down which provided an opportunity for bottom-fishing.”

Volumes also surged with investors rushing in to invest at lower levels. This was led by software counters like Satyam Computer, Polaris Software, Digital Equipments, Aftek Infosys, GTL Ltd, Infosys, VisualSoft, Rolta and Mastek. Satyam clocked a turnover of Rs 115.76 crore while Polaris, Digital, Aftek and GTL saw a turnovers of Rs 98 crore, Rs 89.98 crore, Rs 67.44 crore and Rs 65.17 crore respectively.

However, HLL topped the list of gainers in M-cap as the counter created 23.22 crore of investor wealth as the stock rose 5.58 per cent during the day. It was followed by RIL which spurted by over 7 per cent to create wealth of

Rs 18.81 crore. Ranbaxy, Infosys and ITC together led to an increase of over Rs 2,400 crore.

Besides, the other major wealth creators included HCL Technologies, Hero Honda, Bajaj Auto, Dr Reddy’s, State Bank, Tata Steel, MTNL, Larsen & Toubro, Bhel and ICICI which contributed Rs 2,632 crore worth of M-cap on the bourses. In contrast, GlaxoSmithKline, Hindalco and Nestle turned out to be wealth destroyers during the day at Rs 204 crore.