Sensex up by more than 117 points at closing

The Bombay Stock Exchange benchmark Sensex on Thursday, recovered by more than 117 points on emergence of buying by funds in fundamentally strong stocks available at lower levels.

The 30-share Sensex, which had plunged 458 points in the previous day's trading, closed with a gain of 117.08 points at 17,734.68.

In volatile movement, the key index touched the day's high of 17,911.66 and low of 17,482.31 points.

The second wide-based National Stock Exchange index Nifty also rose by 37.35 points at 5,191.80. It shot up to a high of 5,241.35 and a low of 5,120.05 points during the day.

The major support to the market came from the metal index which rose 605.85 points at 16,439.38, followed by IT index which firmed up 184.14 points at 4,041.97.

Consumer durable index gained 122.98 points at 4,882.06, teck index by 90.30 points at 3,396.18, healthcare index by 54.42 points at 3,735.11, auto index by 42.42 points at 4,801.06, realty index by 29.54 points at 9,738.77 and oil and gas index by 28.26 points at 10,912.26.

The upward pace of the market was somehow arrested by banking stocks which fell sharply on concerns that their margins would come under pressure as many of them have yesterday announced a further cut in lending rates, which it is feared, would harm their revenues.

Bank sector index fell by 130.87 points at 10,478.94 and capital goods index by 94.97 points at 15,837.90.