However, brokers are unanimous on one factor that as long as foreign institutional investors (FIIs) are aggressively buying in to the market, it will not have any adverse impact on the market in short run.

Networth Stock Broking chairman and managing director SP Jain said that as long as fund based buying goes on, the markets will continue to see upward trend. Their buying is very aggressive as they have been on fishing spree.

The quantity they have purchased would have required them to fish out at least three times of the money two weeks ago, he added.

Earlier at the market, sustained buying spree from FIIs coupled with domestic financial institutions (FI) resulted in a gain of 95 points on the Sensex on Thursday. The Sensex, which opened weak at 3666.30 points, went to an intra-day high of 3823.78 points to close at 3819.86 points. At the National Stock Exchange (NSE), the S&P CNX Nifty moved up by 23 points to close the day at 1217.15 points.

The FIIs have made an investment of Rs 545.6 crore in the first three days of the current week giving a new support to the sliding market. They remained active in the technology counters which witnessed renewed buying interest. This also attracted local institutions and operators to enter the market.

In the old economy segment, pharma stocks were in the limelight which attracted huge buying from both domestic and FIs. The highlight for the day was Wockhardt, which went up by 10.29 per cent on the BSE, to close the day at Rs 428.10. Sun Pharma and Dr Reddy's Lab also went up by 8.83 and 2.87 per cent to close the day at Rs 503.45 and Rs 1,299.55 respectively.

The markets are expected to open on a weaker note tomorrow owing to the uncertainty over the fate of the government that hangs in balance as the Trinomool Congress has withdrawn support from the government. In the eventuality of a further threat to the government, the markets may be depressed further, said a broker.

"Just when the markets were looking up after the debacle leading to the sacking of the governing board of the BSE, any threat to the political stability might adversely affect the market sentiment," added the broker.