Mumbai: The market bounced back with a vengeance and recouped overnight losses aiding the Sensex to end 76 points up at the Bombay Stock Exchange (BSE) today (June 1) on hectic short-covering prompted by positive FIIs (Foreign Institutional Investors) inflows on Friday.

The BSE Benchmark 30-share Index opened sharply higher at 4792.01 and later rallied smartly, rising to the intra-day high of 4899.53 before ending at 4835.12 as against yesterday's close of 4759.62, a net gain of 75.50 points or 1.59 per cent.

Upswing in the Sensex could be gauged by a sharp to moderate rise in 25 out of 30 index-based shares including heavyweights like RIL, Infosys Tech, Tata Motors, ITC, Hero Honda, HPCL, Grasim, ICICI Bank, MTNL, MUL, Tisco, Ranbaxy and SBI, a dealer said.

Attributing the turn-around to fairly good FIIs inflows last weekend, brokers said operators which were in oversold territory, covered short position after heavy sell-off leading to the market crash of 223 points on May 28.

FIIs, who reportedly picked up shares worth Rs 189 crore last Friday, made purchases in some of the blue-chip counters.

Generally, investors were believed to be engaged in arbitrage dealings and were sellers in derivatives while making commitments in cash segment, brokers added.

Select Public Sector Undertakings (PSU) shares, particularly refineries like HPCL, BPCL, IOC, IBP, GAIL, Chennai Petro and few others, were in keen demand on renewed buying and as a result the BSE-PSU index rose by 74.45 points or 2.56 per cent to close at 2978.11 from 2903.66 yesterday.