Sensex Run gives relief to the investors

After the recent meltdown, a mild and hesitant optimism seems to have returned to the market as the sensex rallied for the second consecutive day on Friday, taking a cue from smart gains in global markets.

Buoyed by the global recovery, investors, led by FIIs, flocked to the bourses to pick up beaten down shares. The sensex rose 339 points to end at 9885, after racing past 10000 during intraday trading.

Riding the weekend rally, FIIs carried out a good amount of buying. Their net inflows, according to the BSE’s provisional figures, amounted to Rs 600 crore on Friday, compared to their actual purchases of Rs 140 crore on the previous day.

Brokers said there was also some support from local players, including mutual funds, which have been on a selling spree in the current month.

The sensex opened with a gap of 158 points at 9703 and gained further strength to touch the day’s high of 10118. However, profit booking at higher levels shaved off part of the intraday gains, pushing the index below the psychological 10000 mark.

With a 339-point gain, the sensex has recovered 955 points in the past two sessions, higher than the 880-point loss recorded in the first three days of the week.

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