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Pivotals recover on short-covering and FI buying; Sensex goes under 3500, rises, closes up 50 points to 3569.47

Pivotals staged a handsome recovery on heavy short-covering by operators and moderate buying support from institutional investors, pushing up the 30-share BSE Sensex by 50 points today.

The market opened on a weak note as the Sensex started the day at 3478.14 points, sharply lower from the previous close of 3519.39 points, touched the day's high of 3569.90 points, fell to the day's low of 3462.36 points, before closing at 3569.47 points, showing a net gain of 50.08 points over yesterday's close.

The rupee which fell by nearly 25 paise against the US dollar at Rs 42.68/70 from the previous close of Rs 42.4300/4350 did not have an immediate impact on the market.

Most of the operators were also busy in squaring up their positions in view of the last day of the settlement at the National Stock Exchange and it had kept the market at lower level at the beginning, dealers said.

Infotech shares reported moderate recovery followed by select pharma, fast moving consumer goods and others, dealers said.

UNI

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