Sensex recovers on positive performance of indices

Mumbai, June 3 (UNI) The past two weeks have had a similar modus operandi on markets as they saw huge volatility and finally recovered on positive buying to close in the green by over 350 points on the last trading day.

After the free fall of Bombay stock Exchange (BSE) Sensitive Index (Sensex) by seven per cent in the past three days - the final close which was up by 380 points yesterday, was a much-needed breather for the investors on the Sensex.

Yesterday's close was the highest rise in the Sensex, since March 1992.

Similarly, the National Stock Exchange's (NSE) S&P CNX Nifty Index closed at 3,091.35, up by 129 points or 4.26 per cent, making it the biggest gainer in the global market.

Positive performance on the Sensex is attributed to last day's buying by foreign funds, reduction in crude oil prices and strong performance by the Indian Rupee, which jumped by one per cent to the weeks high of 45.90/US Dollar.

BSE midcap was down after rallying in negative for the week by 0.77 per cent and the smallcap was down by 2.54 per cent.

All other indices performed well to end in the green. BSE metal gained by 4.76 per cent to Rs 8,572.86 over a negative close of yesterday, oil and gas gained 3.49 per cent to Rs 5,081.03, IT went up by 2.36 per cent to Rs 3,618.23, FMCG by 3.86 to 1,895.20, auto by 4.20 per cent to Rs 4,773.74, PSU by 2.54 per cent to Rs 5,216.38 and bankex by 2.38 per cent to Rs 4,842.56.

High net worth individuals and domestic funds were other important players that helped the Sensex stay afloat after it crashed in the Monday morning session.

Though the Sensex gained on foreign funds buying on the last day, the foreign institutional investors (FIIs) are sceptical about heavy investments.

The FIIs were big sellers throughout the week leading to total net selling of Rs 1204.6 crores in the four trading sessions since Monday.

On Monday, the volatility at the Sensex was curtailed with smart trading. Maintaing the positive trend from the previous close, the BSE Sensex closed in green, showing a gain of 44 points at 10,853.14.

On Tuesday, Sensex went volatile in the last half-an-hour trading and closed in the red by 66.51 points at 10,786.63, as compared to the previous close of 10,853.14.

On Wednesday, it was a day full of negativity, the BSE Sensex plunged 388 points to close at 10,398.61, showing a fluctuation of 568 points through the day's trading.

On Thursday, soaked in Mumbai monsoon, the BSE Sensex dampened all hopes of recovery and fell 369 points to close on 10,030, as compared to the previous close of 10,398.61.

Yesterday, bulls snarled and gained 380 points in a day of consistent buying and bottom fishing by high net worth companies, with BSE Sensex closing at 10,451.33, as compared to the previous close of 10,071.42 points.

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