Mumbai: Despite a sharp fall in key IT counters, the SENSEX ended the week in positive territory on the strength of moderate gains in old economy stocks on the Bombay Stock Exchange (BSE) on fairly good buying by operators and net investments by foreign institutional investors (FIIs).

Had it not been for a sharp setback in index-based stocks like Infosys Technologies, HCL Techno and Satyam Computers that have high weightage in the SENSEX, gains in the BSE barometer would have been more pronounced.

The trio witnessed heavy selling under the lead of the IT bellwether in the last trading session after the company announced 24.4 per cent growth in net profit at Rs 256.31 for the third quarter ended December 31, 2002.

According to analysts, the company's working results were far higher than its projections but fell short of market expectations. Selling was also attributed to the company's increased guidance for revenue.

FIIs, which had caused concern among domestic investors by slowing down activity in the initial few sessions of the new year, have made a beginning and made net investments of Rs 102 crore in the first four sessions of the week and in turn, helped revive the market to a certain extent.

Factors like a fresh oil discovery by Reliance Industries Ltd (RIL) in an exploration block offshore at Gujarat and reports that Attorney General Soli Sorabjee might soon give his opinion on legal aspects of privatisation of oil PSUs also supported the sentiment.

The pharma sector stole the limelight. Dr Reddy's Lab, Cipla, Ranbaxy Lab, Torrent Pharma, Aurobindo Pharma, Glaxo and Lupin Ltd scored impressive gains on consistent investment buying.

PTI