Wednesday, June 29 2005 18:44 Hrs (IST) - World Time -

Mumbai: Shares in almost all the segments attracted heavy buying activity towards the fag end and rallied on the Bombay Stock Exchange (BSE) lifting the Sensex up smartly by 70.88 points to close at 7119.88.

The BSE barometer 30-share sensitive index opened better at 7059.37 as against yesterday's close of 7049.00, but dropped briefly to 7034.48 on fresh offering.

Thereafter, it recovered sharply to an intra-day high of 7125.21, before winding up at 7119.88, showing a smart gain of 1.01 per cent over the previous close.

Buying activity at yesterday's lower level was so strong that index heavyweights from metal, capital goods, oil and gas, IT, Healthcare, PSU, banking and auto sectors shot up to close with handsome gains.

Foreign Institutional Investors (FIIs), which had slowed down activity in the last two days, became active again and did good purchases, a broker said.

FIIs has already bought equities worth Rs 3066.80 crores during the last week and Rs 3839.00 crores in the current month, he added.

However, market analysts said investors should make a cautious approach while buying on dips in the current market, while selling on rallies would be a good idea.

The biggest factor that would decide the movement of share prices in the next two days was the roll over, another analyst said.

Today's sharp gainers were RIL, Infosys Tech, ITC, TCS, Bajaj Auto, HDFC Bank, Hindalco, Ranbaxy, Dr Reddy, ONGC and Wipro on heavy buying activity.