Sensex revives, ends at 10,950
The index gained 110 points, mainly due to FIIs and local mutual funds that were believed to be heavy buyers.india Updated: Mar 24, 2006 17:32 IST
Led by a sharp rally in metal and FMCG sectors, the Bombay Stock Exchange Sensex bounced back with a vengeance after a three-day slide and ended 110 points up at a new closing peak of 10,950.30 on Friday.
The Sensex had opened on a promising note at 10,851.80 and gradually moved upwards to the intra-day high of 10,966.06.
It then ended at 10,950.30 against Thursday's close of 10,840.59, a net rise of 109.71 points or 1.01 per cent.
The Sensex had lost 101 points or 0.92 per cent in the last three sessions.
Metal stocks like SAIL, Sterlite Industries, Tata Steel, Hindustan Zinc, Hindalco, Nalco, Jindal Steel and Essar Steel hogged the limelight.
Foreign Institutional Investors FIIs and local mutual funds were believed to be heavy buyers in a number of key counters throughout.
Operators joined the bandwagon and covered part of their short positions in the derivatives due to approaching expiry of March contract on Thursday, brokers said.
FIIs, which have been consistent net buyers in the month, reported inflows of Rs 630.50 crore in the first three days, while mutual funds pumped in Rs 375.41 crore in the same period.
FIIs have pumped in nearly 5,000 crore in the month.
Heavyweights like RIL, ICICI Bank, SBI, Satyam Computer, TCS Ltd, L&T and ITC scored impressive gains.