Mumbai: After overnight sharp fall, the sensex showed signs of recovery in line with a modest rally in key stocks on revival of buying support during morning trading on the Stock Exchange in Mumbai (BSE) today (Aug 12, 2004).

The BSE Benchmark 30-share Index which opened weak at 5167.52 as against yesterday's (Aug 11, 2004) close of 5175.16, later staged a smart recovery rising to a high of 5194.04 before being quoted at 5192.60 at 10.30 hrs (IST), up by 17.44 points.

Partly attributing overnight sell-off to just concluded IPO by Tata Consultancy Services, market players said the market is expected to gradually discount negative factors like soaring oil prices and concerns over inflation and stabilise once it closed past 5220-resistance level.

Operators seemed to be cautious in view of slow down in FIIs activity. Foreign Institutional Investors (FIIs) reported net investments of a meagre Rs 58 crore on Tuesday (Aug 10, 2004), taking the total net inflow to Rs 90 crore in the week's first two days.

Meanwhile, the Dow Jones Industrial Average and the Nasdaq Composite Index ended up by another 130.01 points and 34.06 points last night.

Blue chip counters like RIL, SBI, Tata Power, Tata Motors ONGC, HPCL, HDFC, GACL, Cipla, BHEL and ACC were quoted higher on fresh buying support.

However, ICICI Bank and Ranbaxy showed moderate losses.