The Hindu Business Line : Sensex recovers as margins ease

Easing of margin deposits by half and smooth rollover in the derivatives contracts helped revive market's sentiment on Thursday as share indices closed higher by about one per cent, after opening weak.

The key BSE-30 Sensex ended at 10.666.32, up 93.17 points or 0.88 per cent, on a day of volatile trading, which saw the index falling by about 300 points during early trade.

The Nifty closed up by about 2 per cent or 62.15 points at 3,177.70.

Dealers said the easing of margin deposits helped in the smooth rollover of May contracts, bringing back confidence among investors.

However, the overall market breadth was negative with 1,523 stocks ending lower and 906 ending higher.

BSE's Metals and FMCG indices were the biggest gainers on Thursday, rising by about 3 per cent each.

Foreign funds continued to be major sellers with provisional figures by NSE showing that they were net sellers for over Rs 1,700 crore on Thursday. Mutual funds, however, were net buyers during the last four to five days, dealers said. On Wednesday alone, mutual funds were net buyers for over Rs 1,100 crore, making their total net investments for the month at Rs 6,522 crore.

Wipro Ltd (up Rs 31.05 or 6.86 per cent at Rs 484), Tata Steel (up Rs 31.75 or 6.59 per cent at Rs 513.25) and Bharti Tele (up Rs 22 or 6.15 per centat Rs 392.90) were the biggest gainers on the Sensex.

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