Market leader and petrochemical major Reliance Industries staged a smart rally on Wednesday to lift the benchmark Sensex up by nearly 60 points at 16184 points even as the market was under pressure on profit booking amid weak global cues.
In volatile trading, the 30-share index on the Bombay Stock Exchange closed the day higher by 59.88 points. Marketmen said the index was above the psychologically crucial 16,000-level even at the day's low level, indicating it could sustain this level and move on.
RIL saw frenzied buying by foreign funds continuing for the second day and notched up a handsome gain of 4.54 per cent. It had closed up by 3.73 per cent yesterday. RIL has the maximum weight of over 13 per cent in the Sensex.
"RIL was the big mover which held up the indices. Overall the market was in a profit-taking mood which led to lacklustre trading," said SMC Global Vice-president Rajesh Jain
Brokers said Foreign Institutional Investors (FIIs) were seen buying in last two days boosting the market sentiment.
FIIs were net buyer to the tune of Rs 2,041.75 crore in last two sessions, according to provisional data of September 8. Domestic funds also pumped in Rs 545.75 crore.
Asian markets were mixed with Shanghai rising marginally at 0.54 per cent, while Nikkei and HangSeng dropped 0.78 per cent and 1.04 per cen respectively. European indices were trading flat in their afternoon trade.