Sensex soars 85 pts at close

MUMBAI, JULY 6 (AGENCIES)

After renewed buying emerged in the mid-noon trades, sharp surge, particularly, in old economy stocks lifted the index above the 4,900-mark towards the closing hours. The Sensex, which bounced from an intra-day low of 4,839 in early deals, displayed a range-bound trend thereafter as nervous optimism prevailed in the market till early noon deals.

The markets witnessed a steep rally in the late noon deals as buying led by PSU, heavyweight, cement and auto pivotals propelled the gains of the index to an intra-day high of 4,939.

The Sensex slightly trimmed its gains on profit-taking in select stocks to close with a gain of 85 points at 4,929. The Nifty gained 31 points to close at 1,558.

While 27 Sensex stocks advanced, three declined today. Advancing shares accounted for a volume of 2.91 crore for Rs 982.06 crore, and declining shares registered a volume of six lakh amounting to Rs 65.89 crore.

Heavyweight, PSU and other select old economy stocks emerged as major gainers on the back of a strong buying support.