Thursday, March 31 2005 16:37 Hrs (IST) - World Time -

Mumbai: Led by IT sector, the Sensex today (March 31, 2005) spurted by 111 points to end at 6492.82 on the Bombay Stock Exchange (BSE) on a fresh round of buying spree from domestic mutual funds as well as operators, extending the gains to second straight session.

Heavy short-covering was witnessed in software majors like Infosys Tech, Wipro and Satyam Computers even as the gains were spread over a broad front.

ITC, Bajaj Auto, ONGC, BHEL and ICICI Bank also were the major contributors to the Sensex's hefty rise.

The BSE Benchmark 30-share Index opened strong at 6404.78 and gradually moved upwards to the intra-day high of 6509.02 before ending the day at 6492.82 as against yesterday's close of 6381.40, a net rise of 111.42 points or 1.75 per cent.

Domestic Mutual Funds and operators reportedly were heavy buyers at the last trading session of current fiscal.

Foreign Institutional Investors (FIIs), however, reported a net outflow of $ 396 million on March 29, the highest withdrawal in a single day, which was attributed by market players to ICICI Bank's ADS conversion offer.

Local funds were believed to be heavy buyers in select heavy-weighted counters in a bid to push up the net asset value of their respective units while operators resorted to short covering at the concluding session of March contract in the futures and options segment.

The sentiment was also aided by a smart rally on Wall Street last night. The Dow Jones Industrial Average yesterday gained 135.23 points at 10540.93 and the Nasdaq Composite Index rose by 31.79 to 2005.67.