New Delhi, 30 October (H.S.): The Indian stock market managed to close higher for the second consecutive trading session on Friday, supported by strong buying in information technology stocks and encouraging results from Trent. However, despite the overall strength in benchmark indices, the session proved disappointing for a majority of investors as heavy selling in midcap and smallcap stocks eroded market wealth. While selective buying in heavyweight stocks helped the benchmarks finish in positive territory, investors' aggregate wealth declined by nearly Rs. 4 lakh crore.

Trading remained volatile throughout the session, with both the Sensex and Nifty largely holding on to gains on the back of buying in select stocks. At the close of trading, the Sensex had advanced 0.42 per cent, while the Nifty gained 0.51 per cent.

The BSE Sensex opened marginally higher at 74,199.69, gaining 48.65 points, or 0.07 per cent. However, selling pressure emerged soon after the opening bell, dragging the index to an intraday low of 74,099.33. Subsequently, buying in IT stocks and select heavyweight counters lifted sentiment, enabling the index to rebound sharply by 643.26 points from its low and touch an intraday high of 74,742.59.

The rally, however, prompted profit-booking at higher levels, once again weakening the Sensex's momentum. The index slipped 660.66 points from its peak to touch 74,082.03, registering a decline of 69.01 points, or 0.09 per cent, at that stage.

Buying interest returned during the final hour of trading, helping the benchmark recover 377.50 points from its intraday low. The Sensex eventually closed at 74,459.53, gaining 308.49 points, or 0.42 per cent.

The NSE Nifty followed a similar trajectory. It opened at 22,964.50, up 27.75 points, or 0.12 per cent. Initial selling pressure pushed the index into negative territory, taking it down to 22,919.85. Buying activity subsequently gathered momentum, lifting the Nifty by 181.35 points, or 0.79 per cent, to an intraday high of 23,118.10.

However, renewed selling pressure dragged the index 213 points from its peak to 22,905.10, leaving it down 31.65 points, or 0.14 per cent, at that stage. A fresh bout of buying during the final trading session helped the Nifty recover 148 points from its day's low. It ultimately settled at 23,053.10, up 116.35 points, or 0.51 per cent.

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Hindusthan Samachar / Jun Sarkar