Sensex ends 511.24 points higher on funds buying, short-covering

Updated at 4:10 pm

 MUMBAI: The Bombay Stock Exchange Sensex on Friday ended 511.24 points to close at 9810.46 on massive buying by funds amidst short-covering by speculators.

It touched a high of 9849.20 points earlier in the day.

Similarly, the Nifty index on the National Stock Exchange gained 141.95 points at 2066.30.

Bank shares recovered on concerns of hike in interest rates by majors and the benchmark Sensex surged by 483 points at noon on the BSE.

The Sensex gained 483.48 points at 9,779.29 at noon after most of the index-related banking stocks recovered from early weakness and supported the up trend. Similarly, the National Stock Exchange index nifty spurted by 126.60 points
at 2,850.95.

The reversal in the market trend, which had lost over 1,150 points in last four days, revealed a firm tone as Sensex shot up back to 9,700 points level mostly on market players forced to cover their pending positions.

Trading sentiment further improved after leading banks like ICICI Bank hiked their interest rates.