Dalal Street made a strong recovery on Monday,driven by buying in heavy weights including Infosys and ICICI Bank,coupled with recovery in European markets. Ending last weeks losing spree,the Bombay Stock Exchange Sensex started the week on a strong note and settled with a gain of 372.15 points or 1.90 per cent at 19,957.59. The National Stock Exchanges wide-based Nifty also saw a handsome rally of 119.70 points to finish above the 6,000-mark at 6,010. Bulls seem to have just ignored the 2G spectrum mess. One should look out for revised Q3 GDP data and the FOMC minutes in the US. Markets are likely to turn very volatile in the coming days with F&O expiry on Thursday, said Amar Ambani,head of research,IIFL. It was the biggest surge since November 4. The barometer had shed nearly three per cent last week. The recovery was due to the positive sentiment in the global market along with heavy buying in front-line stocks like Infosys,RIL and ICICI Bank Avinash Gupta,vice president,Bonanza Portfolio,said,The market looked up as there was easing of concerns relating to default in Ireland and news from the US. The Asian markets were also up. The strong opening of European markets also aided the sentiment. The market opened with an upward gap and continued to look as the session progressed. Fresh build-up of long positions were also reported. Both foreign funds (FIIs) and domestic institutions were buyers on Monday. FIIs bought stocks worth Rs 335 crore while domestic funds made net investments of Rs 212 crore on Monday. On Friday,both FIIs and domestic funds were buyers. The BSE Sensex declined 571.45 points or 2.84 per cent to 19,585.44 in the week ended last Friday. The S&P CNX Nifty fell 181.35 points or 2.98 per cent to 5,890.30. Infosys Technologies emerged as the biggest contributor in the gain of the Sensex. It ended the day with a gain of 2.55 per cent. Reliance Industries and ICICI were the other major drivers behind the rally in the Sensex. Top private lender ICICI closed with a surge of 2.69 per cent,while RIL went up by 1.53 per cent on BSE.
