Mumbai: Bolstered by strong global markets on the back of a plunge in crude oil prices, the market today (Oct 28, 2004) rallied sharply, withstanding pressure around midsession, and ended up by another 53 points in narrow movements.

Extending its winning streak to third successive day, the BSE Benchmark 30-share Index opened firm at 5694.60 and later moved in a range of 5733.75 and 5694.60 before ending the day at 5715.62 as against yesterday's close of 5662.87, a net rise of 52.75 points or 0.93 per cent.

The sharp price rally was largely credited to a fall in international crude oil prices, which in turn, is expected to have a positive impact on the domestic inflation. The oil prices yesterday dipped to a low of $ 53 a barrel.

Operators were normally squared up positions at the last day of October contract of the Futures and Options.

Foreign Institutional Investors (FIIs), which reported relatively low net investments of Rs 168 crore the first two days of the week, were believed to have stepped up purchases.

Well supported by a sharp upsurge on Wall Street last night followed by enthusiastic response in South East Asian bourses during the day, the market could overcome a brief resistance in the form of profit booking at higher price levels around midsession.

The Dow Jones Industrial Average and the Nasdaq Composite Index yesterday ended up by 113.55 points and 41.20 points respectively. The Nikkei also was up by 161.17 points, the Hang Seng by 274.44 points and the Singapore ST Index by 29.00 points at close.