Mumbai: The SENSEX closed past 3,600-level for the first time in about nine months on the Bombay Stock Exchange (BSE) on February 15 on sustained buying from speculators as well as foreign institutional investors (FIIs) prompted by a continuous flow of reforms news.

The BSE Benchmark 30-share Index opened better at 3,560.98 and later surged up to the intra-day high of 3,612.83 before ending at 3,602.02 as against a close of 3,557.06 on February 14, netting a rise of 44.96 points or 1.26 per cent.

The broad-based BSE-100 Index improved further by 14.96 points to 1,753.67 from previous close of 1,738.71.

Speculators were believed to be in an upbeat mood over steps taken by the government to speed up economic reforms by putting privatisation process on a fast track coupled with FIIs stepped up activity in the current week.

The market has turned buoyant as a run-up to the Union Budget to be presented on February 28 with investors picking up stocks of banks, public sector undertakings (PSUs) and cement which are expecting sops in the coming Budget, dealers said.

FIIs, which have made net investments of Rs 756 crore since February 6 after being heavy sellers in the second half of January 2002, were net buyers to the tune of Rs 233 crore on February 13 alone and reportedly picked up shares of several old economy stocks.

The government's overnight decision to sell its 74 per cent stake in the loss-making PSU Paradip Phosphates (PPL) and approval for oil decontrol from April 1 indicates market-friendly proposals in the Budget, they added.

PTI