Mumbai: A smart rally in Public Sector Undertakings (PSUs) and pharma counters helped the SENSEX register fresh gains of 31.22 points and close the week at 3,500.57 on the Bombay Stock Exchange (BSE), snapping a four-week string of consecutive losses.

Steep upsurge in PSUs and pharma counters aided the depressed sentiment, even as the heavily traded IT stocks continued to reel under selling pressure.

Foreign Institutional Investors (FIIs) resumed their active purchases in PSU counters and reportedly picked up shares of BHEL, HPCL, BEL, ONGC, GAIL and Bharat Forge.

Dealers said completion of the privatisation process of Hindustan Zinc Limited and advertisement issued for the appointment of an advisor last week for BPCL and HPCL, led to an increased activity in these stocks.

Pharma scrips, well known as defensive segment, attracted brisk buying support from FIIs.

However, IT stocks continued their downward journey on fears of lower earnings projections. The board meeting of the IT bellwether Infosys Technologies will be held on April 10 to announce annual results and that would be the deciding factor for the future trend.

On the negative side, marketmen seemed to be apprehensive about the economic slowdown, which has been compounded by a fresh rise in global crude oil prices due to West Asia crisis.

Reports of sporadic communal violence continuing in Gujarat has also partly dampened sentiment, forcing operators to press sales in select counters on renewed fears of political uncertainties.

Meanwhile, select second-line cyclical stocks continued their upward march on investment cum speculative buying but was unable to reflect a positive result for the SENSEX.

The BSE-30 share sensitive index opened firm at 3,482.94 and was trapped in a very narrow range between 3,538.49 and 3,458.85 before finishing the week at 3,500.57 as against last weekend's close of 3,469.35, a net gain of 31.22 points or 0.90 per cent.

PTI