Both domestic institutions and FIIs made brisk purchases in the old economy stocks including some PSU scrips. The outcome of the US Presidential election prevailed upon the market activities throughout the day and the last minute delay in the official announcement attracted selling at the fag end of the session.

The market opened marginally higher. However buying in the index stocks, both from the old and new economy sector, pulled the Sensex beyond the 4000 mark and closed at 4028.71 netting gain of 73.88 points. Similarly at the National Stock Exchange, S&P CNX Nifty gained 20.05 points to close at 1266.80.

Networth Stock Broking's Mehul Dedhia said that today's rally was mainly an operator driven. Leading operators were seen busy in making basket purchasing at pharma counters.

Prabhudas Liladhar (head of research) Hitesh Sheth said that pharma counters have been witnessing good purchases. The likelihood of Mr George Bush winning the presidency race was one of the reasons for the rise since he is known for his open pharma policies.

Pharma sector index stocks, Dr Reddy's and Ranbaxy, were the major gainers. Other stock to rise were Cipla, Sun Pharma, Nicholas Piramal and E-Merck.BHEL was in the limelight as the counter spurted by 15.5 per cent at Rs 124 on the expectation of the lifting of the US economic sanctions on Indian PSU's. BHEL would be the largest beneficiary of such decision.

Other stocks in the gainers list included DSQ software which hit the upper circuit of 8 per cent and closed at Rs 455. Other active scrips were IPCL, HLL, Infosys, Sterlite Optical. Informed buying continued in DSQ Biotech and the scrip spurted by 16 per cent and closed at Rs 129.80.

However HPCL counter witnessed continued selling pressure, hitting the lower circuit of 8 per cent to close at Rs 111.20. Cements stocks were also the major losers with India Cements loosing 6.88 per cent at Rs 37.50.

Kesoram shed 4.12 per cent at Rs 20.95 and Grasim lost 3.71 per cent to close at Rs 210.50 in the cement sector.