The stock markets on Friday staged a strong turnaround and ended 380 points up at 10,451.33, on hectic shortcovering at the weekend.
MUMBAI: After a three-day sharp slide, the stock markets on Friday staged a strong turnaround and ended 380 points up at 10,451.33, on hectic shortcovering at the weekend.
This is the second biggest gain in terms of points in the Bombay Stock Exchange (BSE) history. The Sensex had recorded highest ever gains of 426.05 points on March 24, 1992.
Tracking strong global trends, the BSE 30-share sensitive index (Sensex) opened firm at 10,104.51 and gradually moved upwards to the intra-day high of 10,477.35 before ending the day at 10,451.33 over the previous close of 10,071.42, a net rise of 379.91 points or 3.77 per cent.
In the last three days, the Sensex had lost 782 points. The National Stock Exchange's (NSE) S&P CNX Nifty also scored the highest ever gain of 129.10 points to 3,091.35 from the last close of 2,962.25.
Crediting renewed buying support in blue chip stocks to positive FII activity in the Futures segment, market players said Foreign Institutional Investors (FIIs) slowed down outflows and even made fairly good shortcovering.
After sustained withdrawals for the last couple of weeks, FIIs started building up positions in futures, pumping in over 249 crore in the futures and options on May 31 and June one. They made relatively small net sales of Rs 123 crore in the Cash segment on June 1.
Today's stocks rally in line with strong global advices only showed Indian bourses' growing co-relation with world markets, they added. Auto stocks, battered in the week, hogged the limelight following robust monthly sales figures of vehicles.
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