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Sensex zooms 237 points

MUMBAI: Bull operators tightened their grip on the stock market when foreign investors took a break for Christmas holidays and lifted the Sensex by a 237 points to 13708.34 amid extremely low volume on Tuesday. All indices scored more than one per cent gains following across-the-board buying support.

Some leading private mutual funds too were believed to be heavy buyers in select frontline counters.

The Sensex opened strong at 13501.44 and gradually moved upwards to the intra-day high of 13726.62 before ending at 13708.34, a net rise of 236.60 points or 1.76 per cent over Friday's close of 13471.74. The S&P CNX Nifty of the National Stock Exchange too soared by 69.35 points or 1.79 per cent to close at 3940.50 Bulls and retail investors hectically covered their short positions ahead of the expiry of December series. Bear operators too were seen squaring up outstanding positions due to approaching end of the derivatives contract. A leading mutual fund cornered large chunk of shares of blue chip companies. Mutual funds have stepped activity since last week and reported net investments of Rs. 752.84 crore between December 18 and 21.

The trading volume was very low in the absence of foreign institutional investors, who remained on the sidelines in view of year-end holidays. — PTI

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