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Our Bureau

Mumbai , June 2

Renewed buying by foreign funds helped the stock market end three consecutive days of loss, with a gain of over 3.7 per cent at close on Friday.

Dealers said Japanese funds were major buyers. The BSE-30 Sensex had an intra-day fluctuation of 466 points but closed 379.91 points up at 10,451.33 points. The S&P CNX Nifty Index rose 4.36 per cent or 129.1 points to 3,091.35.

"It seems that operators anticipated big buying by foreign funds and covered the short positions in early trade itself," a dealer with a domestic brokerage outfit said.

He said strong buying was seen in the auto sector, especially in Maruti Udyog, the stock rising 12.86 per cent or Rs 87.65 to Rs 769.40. Maruti was the biggest gainer on the Sensex, followed by Hindustan Lever (up 8.04 per cent or Rs 18 to Rs 241.75) and Hindalco (7.93 per cent or Rs 13.20 to Rs 179.70).

Dealers said Friday's was the biggest intra-day gain in the Sensex in two years.

"I don't see this as a reversal of the (weak) trend. After three days of fall, today's gain will act as a breather for the markets," said Mr Gaurang Shah of Geojit Financial Services. According to him investors can look to enter the markets in a small way as several stocks including Reliance Industries, Tata Steel and Sterlite looked attractive at current valuations. Foreign funds, which pulled out over $2.5-billion worth stocks in the last 15 sessions, made net investments of about $138 million (Rs 625 crore) during the day, NSE's provisional figures showed.

Despite handsome gains on both the key indices, overall market breadth was decisively negative with 1,803 stocks ending in the red as compared to 609 advances.

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More Stories on : Stock Markets | Foreign Institutional Investors

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