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Our Bureau

Mumbai, Nov. 21 The Sensex gained by 464 points or five per cent in the last hour of trading after a volatile session on Friday, as investors scrambled to cover their short positions, in expectation that the central bank might ease interest rates in the coming weeks.

“With the inflation rate falling to 8.9 per cent, the markets felt the RBI could act very soon now to peg down rates,” said a broker.

The market gain was despite FIIs recording net sale of equities for Rs 700 crore in the day. Domestic institutions were net buyers for only Rs 46 crore.

Low turnover as well as index stocks-led buying saw the benchmark indices close in the green.

The Sensex closed at 8,915 while the Nifty closed at 2,693, both gaining over 5 per cent. The BSE Mid-cap and Small-cap indices were up by less than one per cent each.

The NSE futures and options (F&O) turnover rose sharply to Rs 47,696 crore, against Rs 37,983 crore the previous trading day.

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