Sensex recovers early losses, up 107 points

Mumbai: The market continued its upward march for the second day in a row, recovering initial losses, and closed up by another 107 points at nearly 12-week high of 17,300.58 on firm European cues amid renewed buying by FIIs. Buying mainly in the top heavyweight scrip RIL amid in metal, capital goods, auto, power and realty segments helped the sensex rise.

However, had there not been a fall in ICICI Bank, HDFC, ITC, Coal India, Bharti Airtel and Infosys Tech, the surge would have been much more pronounced. The Bombay Stock Exchange 30-share barometer resumed weak following lower Asian advices and dipped to a low of 17,061.55, showing a fall of over 130 points in early afternoon session.

However, it recovered after mid-session on firm European opening and ended at 17,300.58, first time after November 9, 2011, displaying a gain of 107.03 points or 0.62 per cent. It had gained by 330.25 points or 1.96 pc on Tuesday. Similarly, the NSE broader 50-issue Nifty also improved further by 36.45 points or 0.70 per cent to end at 5,235.70 .

Metal counters attracted good buying interest on rise in metal prices on the London Metal Exchange (LMEX) while capital goods stocks too were in demand on lower level buying. Auto stocks too were in the limelight after some of the companies posted rise in their sales in the month of January. Foreign Institutional Investors (FIIs), after selling stocks worth Rs 79.60 crore on January 30, bought shares worth Rs 645.00 crore on Tuesday as per Sebi data.