Mumbai: Overcoming early pressure, select blue-chip counters posted handsome gains, aiding the SENSEX to end in positive territory after a four-session losing streak on the Bombay Stock Exchange (BSE) on April 28 on late purchases by financial institutions as well as buying by operators.

Attributing the initial setback to selling reportedly by the Unit Trust of India (UTI), which was said to be facing heavy redemption pressure, brokers said Life Insurance Corp (LIC) absorbed almost all sales, particularly in RIL and Tisco during the latter part of the session, besides making sizeable purchases in HLL.

Public sector unit (PSU) stocks too attracted fairly good buying after being at a receiving end during the last couple of sessions.

The BSE benchmark 30-share index, which opened weak at 2,909.42 and dropped to the day's low at 2,904.44, later staged a smart recovery on selective buying and ended at 2,936.71 as against April 25 close of 2,924.03, netting a gain of 12.68 points.

Foreign institutional investors (FIIs), who have been net buyers during last week were believed to have made small purchases in a few counters.

However, IT shares met with selling at higher levels and registered moderate losses at close.

Pharma stocks like CIPLA, Dr Reddy's Lab and Ranbaxy Lab also showed substantial falls on selling pressure, besides a sharp setback in Infosys Technologies, Satyam Computers, HCL Tech. Several second-line IT counters too fell sharply due to profit booking at higher levels.

PTI