Mumbai: Market sentiment cheered up by the positive news about Government's amicable settlement with Suzuki Motor Corporation, lifted the sensex by 10.94 points to close at 5616.87 on the stock exchange in Mumbai today (Sep 22, 2004) on good buying support.

Government today had its way in reaching an "amicable" settlement with SMC which agreed to a "major role" to Maruti Udyog Limited (MUL) in manufacturing plants beings established in India by the Japanese auto giant as part of its Rs 1000 crore investment.

As soon as the news reached the market, the table turned in favour of bulls and select blue-chip counters attracted renewed buying, lifting the sensex high, the dealers said.

The BSE-30 share sensitive index opened slightly lower at 5600.21 and moved erratically in a range between 5638.70 and 5571.84 before concluding at 5616.87, a set rise of 10.94 points or 0.20 per cent.

Majority of banking counters attracted fresh buying support and most of them registered marked to moderate gains and as a result the sectorial index Bankex flared up by 67.58 or 2.46 per cent points to close at 2813.94 from 2746.36.

Foreign Institutional Investors (FIIs) continued their buying spree and were said to be picked up shares worth Rs 220 crore on Monday (Sep 20, 2004) while Domestic Mutual Funds which reported net sales of Rs 114 crore in two sessions on September 17 and 20, were seen booking profits in select blue chip stocks at the prevailing attractive price levels, a broker commented.