Sensex swings 271 pts, trades at 10,894 pts in the afternoon

Mumbai, May 24 (UNI) Volatile trading during the first two sessions saw the sensex swing 271.88 points and trade at 10894.63 points at 1310 hrs, up 72 points from the previous close.

Earlier, the benchmark index of the Bombay Stock Exchange (BSE) opened firm at 10,830 points as compared to the last close of 10,822. The 30 share sensitive index dipped sharply to a low of 10,622 but managed to recover and touched a high of 10,898 point in the first hour of trade.

The National Stock Exchange (NSE) S&P CNX Nifty also rose by 12.30 points and was trading at 3211.50 points at around the same time.

The sectoral indices showing maximum gains were BSE Bankex Index, up by 2.48 per cent; BSE metals index up by 2.29 per cent; BSE smallcap was up by 2.49 per cent and was trading at 6641.77, while BSE midcap gained 1.84 per cent and was trading at 5197.05. The only loser in the indices was the BSE Oil and Gas index which was down by 1.12 per cent and trading at 5213.77.

The big gainers on the Sensex today were ICICI Bank, Cipla, ACC, Satyam, NTPC, Bharti Life, Dr Reddy's Lab, Hero Honda, SBI and Tata Motors, all up between 1.5-5.5 per cent.

The major losers were HDFC Bank, Tata Power, Reliance Energy, ONGC, Reliance Industries, Bajaj Auto, Housing Development Finance Corporation, Maruti Udyog, and Ranbaxy -- all down between 0.5-4.0 per cent.

With high net-worth individuals (HNI) and domestic funds 'bottom fishing,' the FIIs cannot stay away from the buying phenomenon for long, said an expert in the market, expressing hope in the recovery of the sensex and expecting it to close above the 11,000 mark.

UNI VS MAZ NV1346