Monday, October 31 2005 11:47 Hrs (IST) - World Time -

Mumbai: Shrugging off blasts in the Capital on Saturday, the Sensex today (Oct 31, 2005) rallied smartly and was quoted up by 101 points at 10.30 am on fairly heavy buying support from investors after a sharp fall of over 383 points during last week.

The Bombay Stock Exchange (BSE) Benchmark 30-share Index (Sensex) opened strong at 7717.07 as against Friday's close of 7685.64 and later surged up to 7786.50 at 10.30 am, up by 100.86 points over previous close.

Brokers attributed the recovery to market's oversold position and said the up trend is unlikely to sustain in view of negative activity by Foreign Institutional Investors (FIIs) during last month.

The Sensex has lost 383 points during last week and a massive 949 points or 11 per cent in October following heavy FII withdrawals in the month.

FIIs pull out Rs 3439 crore in Cash and Rs 2794 crore in the Futures during October compared to their net investments of Rs 4600 crore in September.

The week is confined to only three trading sessions in view of public holidays on Thursday and Friday, brokers said adding "traders are unlikely to make any major commitments in the short week".

Key counters were quoted remarkably higher on fresh buying support from investors.