Date:25/04/2003 URL: http://www.thehindu.com/2003/04/25/stories/2003042502461600.htm

Business

SCSL helps mitigate sell-off on BSE

MUMBAI APRIL 24. Satyam Computer (SCSL), which announced its fourth quarter results today, helped in a long way to mitigate intense sell-off in old economy heavyweights but the Sensex ended in the negative territory for the third day in a row on the Bombay Stock Exchange here.

Operators, who had built up positions in blue chip counters, pressed heavy sales in a bid to square up their holdings during the last session of futures contract of April series, brokers said. Had it not been for satisfactory Q4 results announced by IT major Satyam, which were in keen demand throughout, the BSE barometer would have suffered a sharp setback, they added.

The BSE benchmark 30-share index opened moderately up at 2951.09 and thereafter, fluctuated irregularly in a range between 2973.03 and 2932.34 on alternate bouts of buying and selling before ending at 2937.23 against yesterday's close of 2947.33, a net loss of 10.10 points. The broad-based BSE-100 index eased to 1461.63 from 1467.22.

PTI