Similarly, the CNX S&P Nifty index also recovered marginally to close at 859.80 points, gain of 4.35 points. While the FII transaction on the BSE once again indicated a net sell off to the tune of Rs 23 crore, the figures on NSE were not available. Market was agog with rumours that FII placed select purchase orders at the counters of pharma and info-tech counters.

The recovery in the index was a mere reflection of the institutional support at the pharma counters. The star performer of the day was Burroughs Wellcome which hit the upper end of the price band at Rs 466.60 on the NSE. The stock touched a new high of Rs 472 on the BSE.

However, profit booking towards the last phase saw the stock close at a lower shade of Rs 463.10 registering a volume of 16,650 shares. Burrough's illustrious sibling Glaxo also hopped up on the back of FII purchases to close at Rs 411 registering a net gain of 1.25 per cent. Similarly, Smithkline Consumer also recorded a new high of Rs 484.50 on the BSE.

Stocks like Novartis, German Remedies, Smithkline Beecham, Emerck and Pfizer also registered gains to the tune of 2-5 per cent on an average. UTI was reported to have bought heavily at the most of the pharma counters.

Another star performer of the day was ABB which shot up by 4.85 per cent to close at Rs 455. FIIs like Warburg Dillon Read and Kleinworth Benson were reported to have bought huge chunks of Amar Raja Battery which shot up by 8 per cent to be locked at Rs 191.45 registering a phenomenal volume of 2.31 lakh shares.

Market sources attributed the renewed buying interest to the attractive EPS of Rs 40 (annualised) in the light of the focus of the company in certain core activities. Vysya Bank once again recorded a huge deal of 2.50 lakh shares on the Trade-to-Trade segment of the NSE at a price of Rs 164.75.