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Sensex rebounds 585 points

MUMBAI: The Bombay Stock Exchange sensitive index advanced by 585 points, as a strong start in European markets and overnight gains in the U.S. encouraged investors to go back to their buying ways.

Sensex, which had tanked 713 points or 3.88 per cent in the last four days, gained 584.71 points to close at 18233.42 on Friday against 17648.71 on Thursday.

Friday’s gain was driven by domestic institutional investors, who have been net buyers at lower levels for the last few days.

The bounce was also credited to a strong start in European markets, which traded by about 1.5 per cent higher over their earlier close. Thursday’s sharp recovery in the U.S. stocks after MBIA, a leading US bond issuer, dismissed insolvency worries had some soothing impact on market sentiment.

The broader S&P CNX Nifty of the National Stock Exchange also rebounded by 179.80 points or 3.5 per cent to close at 5317.25 against 5137.45. The market breadth remained negative. — PTI

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