The Hindu Business Line : Sensex up 186 on back of strong fund buying

Markets staged a recovery today across sectors, amid heavy volatility, on strong fund buying by domestic institutions and renewed interest in the futures markets.

Markets made a technical bounce-back following the drop of almost 1,000 points in the past three trading sessions.

The BSE-30 Sensex gained 186.32 points or 1.43 per cent to close at 13,181.34. All sectoral indices gained over one per cent.

The market breadth was positive with stocks from mid and small cap companies rising. Stocks of 1,646 companies ended positive while stocks of 863 were in the negative zone.

"There was short covering in the markets backed by positive sentiments. Stock specific momentum in markets should follow," said Mr Ravindra Kasliwala, Head (Equity), Inventure Growth and Securities.

The S&P CNX Nifty index gained 1.30 per cent to end at 3,765.20.

Banking stocks recovered on the back of the Fed's announcement to keep interest rates unchanged.

BSE Bankex rose 2.97 per cent to 6,725.69 points. Bank Nifty gained 3.32 per cent to close at 5,720.35 points.

FIIs were net buyers for Rs 24.52 crore as per provisional figures on the NSE.

The top gainers were Reliance Communication, up 7.36 per cent at Rs 433.15, followed by Grasim Industries (4.29 per cent) at Rs 2,613.85 and SBI (4.09 per cent) at Rs 1,228.05.

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