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FIIs build long positions on rupee fall; Sensex gains 64 points to 4639.20

Pivotals staged a smart rally at the Bombay Stock Exchange on good buying support from foreign institutional investors and market players, pushing the Sensex up by 64 points today.

According to marketmen, shares belonging to the cement, automobiles, auto-ancillary and select infotech and fast moving consumer goods sectors led the rally.

Reflecting the bullish phase, the 30-scrip opened at 4605.07 points, touched the day's high of 4659.66 points, a low of 4605.07 points, before closing at 4639.20 points, registering a net gain of 63.90 points or 1.39 per cent from Friday's close of 4575.30 points.

The broad-based BSE-100 index also shot up by 36.08 points to 2046.40 points from the previous close of 2010.32 points.

Buoyed by the continued fall in the value of Indian rupee, foreign funds also made heavy buying in select scrips, dealers said.

The rupee fell another six paise at Rs 43.46/48 per US dollar today after touching a year's low last week.

Analysts said the decline in rupee's value encouraged foreign funds to take long-term positions in pivotals which were continuously buying in the economy related scrips on the signs of revival of Indian economy in the near future.

UNI

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