The Hindu Business Line : Market rallies on sustained buying

Mumbai, March 23 The benchmark index Sensex recorded the highest single day gain of this year on Monday as the market witnessed sustained buying by domestic and foreign institutional investors.

Stock traders said sentiment in the local market was boosted by gains in Asian and Europen markets, following reports of US plans to help banks and financial institutions dispose of their toxic assets.

Sensex closed five per cent or 457 points up at 9,424 points. The index closed at 8,966 points on Friday.

The broader NSE Nifty index gained 4.73 per cent settling at 2,940 points.

Both FIIs and the domestic institutional investors were net buyers of equities. FIIs were net buyers of equities worth Rs 376.23 crore while the domestic institutional investors purchased equities amounting to Rs 376.51 crore, according to provisional data released by stock exchanges.

The turnover in the derivative market went up sharply on Monday, the F&O turnover on NSE was up by Rs 19,652 crore to Rs 63,299 crore as compared to Rs 43,647 crore on Friday.

The turnover in the cash market too went up from the previous day by Rs 1,515 crore to Rs 10,295 crore on NSE and by Rs 775 crore to Rs 3,718 crore on BSE .

The gains were higher for the large cap stocks - the BSE 500 index gained by 4.38 per cent, the BSE Mid-cap index gained 2.73 per cent and the BSE Small cap index gained 2.01 per cent.

BSE indices for Bank, Metal and Oil and Gas sector gained over 6 per cent.

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