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Early gains not held on BSE

MUMBAI: Volatility continued to rock the stock markets on Friday, the first day of June series as the Sensex surrendered major part of initial gains and closed with a modest 26 point gain with help from some IT and banking counters.

The S&P CNX Nifty advanced just 1.25 points to a new closing high of 4297.05, though it touched 4325.80 in intra-day trade.

The 26-point gain registered by the 30-share index was also the key index's third highest closing. It opened strong at 14610.28 and gyrated in a range of 14682.10 and 14539.89 before concluding at 14,570.75 from last close of 14,544.46, a gain of 26.29 points or 0.18 per cent.

Dealers attributed selling to week-end profit-booking and mixed Asian markets.

IT shares, which were at the receiving end due to rising rupee, recovered on fresh buying support despite rupee inching toward a fresh new 9-year high.Sustained buying by foreign institutional investors also aided the firm trend. — PTI

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