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Our Bureau

Mumbai, Aug. 22 Renewed buying interest among domestic institutional investors in index heavyweights sent the stock markets on a recovery mode on Wednesday.

While the BSE Sensex was up 259.55 points to 14248.66, the Nifty gained 78.25 points to close at 4153.15.

However, bouts of aggressive buying and selling (by FIIs) ensured that the market remain volatile throughout the day.

As per data posted on the NSE, domestic institutional investors were net buyers to the tune of Rs 547.29 crore, while FIIs sold shares worth Rs 636.19 crore.

“In spite of cues being bearish, prospects of value buying at lower levels, initiated what was a natural bounce-back for the markets,” said Mr NV Shah, Director, NVS Brokerage.

The markets are still fidgeting under worries of the current political instability and fear of more sub-prime related fallout overseas, analysts feel. The market breadth continued to be negative; of 2,674 stocks traded on the BSE, 1,576 declined, 1,041 advanced and 57 remained unchanged.

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