The Hindu Business Line : Sensex gains 83 points on heavy FII buying

AIDED by news of the fall in the inflation rate and heavy buying by FIIs and institutions, the bourses witnessed a sharp rally on Friday. Taking the spotlight away from mid-cap companies, aggressive buying in the heavyweight scrips, especially that of Tata Motors, Reliance, ONGC and ITC, ensured a large-cap rally in the stock markets.

The Sensex moved up 83.47 points, to close the day's trade at 5561.15, its highest close since May 7, 2004.

Markets opened sharply with both the indices steadily climbing up the charts. The Sensex opened at 5489.12 and rallied to a high of 5569.47 points intra day.

The Nifty opened at 1702.70. During the afternoon trade, it touched an intra-day high of 1736.40, before closing at 1733.65. This 31-point gain is an appreciation of 1.64 per cent on the Nifty.

Brokers say that the day's trade was dominated by FIIs who were aggressive buyers today. In fact, FIIs have been net investors in the market throughout the week. According to data from the Securities and Exchange Board of India, FIIs have made net purchases worth Rs 547.1 crore on their trades from Monday to Thursday, this week.

"The markets were moving sharply on fund buying. It was a good day for the bulls. The inflation numbers added to the cheer that had already set in today," said a NSE broker.

Among the Sensex stocks, Tata Motors registered the sharpest gain, up 4.35 per cent to close at Rs. 405.75, a gain of Rs. 16.90. Scrips of Reliance (3.72 per cent), ICICI Bank (3.38 per cent), SBI (3.28 per cent) were also among the big gainers of the day.

Volumes were significantly high on both the exchanges. Over 16 crore shares, worth nearly Rs 1,700 crore, were traded in the BSE. NSE registered trading value of Rs 4,789.23 crore (36.01 crore shares) for the day. Volumes spiked sharply in the last two hours of trading, according to brokers.

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