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Sensex up 143 on MF support

Our Bureau

Mumbai , May 26

Stock markets ended the tumultuous week on a positive note recovering most losses on buying support from mutual funds and domestic institutions.

On Friday, the benchmark BSE-30 Sensex extended earlier gains and closed at 10,809.35, an increase of 143.03 points or 1.34 per cent from Thursday.

Compared to the freefall of 1,111 points mid-way through Monday's session, the Sensex closed the week relatively unscathed, lower by just 129.26 points from last Friday.

NSE's S&P CNX Nifty Index closed at 3,209.60, up 31.9 points or one per cent.

Dealers said shares of steel companies including Tata Steel (up 4.87 per cent or Rs 25 at Rs 538.25), SAIL (6.85 per cent or Rs 5.30 to Rs 82.70) and Essar Steel (about four per cent or Rs 1.55 to Rs 41.25) gained on consolidation expectations in the steel industry after Arcelor said it had agreed to buy Russia's Severstal to form the world's biggest steel company.

Software major Infosys Technologies was another gainer as it added 3.22 per cent or Rs 91.45 on value buying by investors to end at Rs 2,927.40, dealers said. Wipro Ltd gained Rs 31.85 or over seven per cent to Rs 486.25.

Dealers said FIIs, which have been pulling out funds from emerging markets, are key to the market's direction next week.

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