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Sensex surges 585 pts, as FIIs return

The 30-share index, which fell by 110 pts on Thursday, bounces back by 584.71 points at 18,233.42.

business Updated: Feb 01, 2008 18:00 IST

The Bombay Stock Exchange benchmark Sensex surged 585 points as foreign institutional investors returned to the market, picking up fundamentally strong shares available at existing low levels.

The 30-share index, Sensex, which fell by 110 pts on Thursday, bounced back by 584.71 points at 18,233.42 as heavy-weight stocks in banking, metal, refinery and public sector undertaking companies rose smartly.

Similarly, the wide-based National Stock Exchange index, Nifty, shot up by 179.80 points at 5317.20 as index-related stocks ended with hefty gains.

Extremely volatility at the bourses lured foreign investors to park their funds in the domestic market, brokers said.

They added that the Sensex rose as much as 1.4 per cent, its first gain in five days, as firm Indian rupee also attracted overseas investors.

In recent times, the foreign funds sold a record $3.23 billion stocks in Indian equities, more than they bought in the month of January alone, according to Securities and Exchange Board of India.