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Sensex climbs above 9500 mark

Sensex notched its biggest single-session gain, with a 616 points rise.

india Updated: Jun 15, 2006 16:45 IST

The country's stock market on Thursday notched its biggest single-session gain, with a 616 points rise, powered by aggressive purchases by Foreign Institutional Investors (FIIs).

The previous highest single-day gain was recorded on June 9, when the market bounced up by 515 points after an abnormal slide of 1,156 points in the four preceding sessions.

This time, the turnaround happened after a fall of 881 points in three days.

The Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex), started strong at 9,133.36 and galloped to the day's high of 9,589.05 before ending the day at 9,545.06, a jump of 615.62 points or 6.89 per cent.

The National Stock Exchange's (NSE) S&P CNX Nifty also soared by 171.25 points or 6.5 per cent to 2,804.05 over previous close of 2,632.80.

FIIs, which covered positions in the Futures on Wednesday, suddenly became excessively forceful in their purchases as the present lower levels offered lot of buying opportunity and huge returns in the short-term, market players said.

The markets had reached the oversold zone, necessitating a corrective bounce notwithstanding the negatives.

A sharp rally in world markets, however, came as a shot in the arm, providing required impetus for a change in the market sentiment.

FIIs were net buyers to the tune of Rs 584 crore in the futures and options on June 14. They were believed to be heavy buyers in the Cash segment while aggressively covering short positions in the futures.

First Published: Jun 15, 2006 10:45 IST