Wipro shares settle 1.7 down

However,the stock reversed its intra-day gains and settled 1.70 per cent lower at Rs 366.45 at the BSE.

On the National Stock Exchange,the stock opened at Rs 375,then jumped by as much as 2.92 per cent to a high of Rs 385. The stock finally settled at Rs 367.40,down 1.78 per cent for the day.

8220;The uptrend in the counter earlier during the day was largely owing to the fact that the the company has come out with a good set of numbers after many quarters. The September quarter numbers are in line with market expectations,8221; Ashika Stock Brokers research head Paras Bothra said.

He said that the stock later fell due to profit booking.

Market experts said that the overall bearishness in the broader market also affected the stock,with the 30-share benchmark Sensex settling at 17,705.01 points,down by 99.79 points.

Wipro reported a marginal increase in its consolidated net profit to Rs 1,300.9 crore for the quarter ended September 30,2011,as against Rs 1,284.9 crore in the year-ago period.

Net income from sales during the reporting quarter stood at Rs 9,094.5 crore,up nearly 18 per cent from the second quarter of last fiscal.