Brisk buying buoys Sensex by 279 points

Brisk buying buoys Sensex by 279 points

Consequently, the markets on Thursday posted the second highest turnover in trade. The BSE Sensex jumped 278.56 points or 1.76 per cent to close at 16,666.40, while the S&P CNX Nifty gained 86 points to close at 5003, with strong cues from Asia and Europe.

During the day, FIIs sold stocks worth Rs 533.07 crore, while domestic funds bought equities worth Rs 410.44 crore. Cumulatively, on net basis FIIs have sold shares worth Rs 13,067 crore so far this month, till May 27, 2010, according to data obtained from the bourses. The domestic funds, on net basis, have bought stocks worth Rs 6,092 crore so far this month.

Volatile trading

The market breadth was strong as many as 1,669 shares on advanced as compared with 1128 scrips that declined and a total of 89 stocks remaining static. The markets reported a combined turnover of Rs 1,74,912 crore, which is a second highest turnover after the highest ever reported turnover of Rs 1,92,071crore.  “The pull-back was mainly driven by buying at lower- level. Stocks have been beaten heavily in past sessions and a bounce-back was due,” a trader said. It being derivative settlement day, the session was quite volatile, he added.

Analysts also said positive signs from Asia and Europe also buoyed sentiment.” Sentiment across the world got a fillip after Chinese government dismissed reports that it was considering paring down its holdings of euro-zone bonds,” a brokerage firm said.