MUMBAI, NOV 25: Pivotals recovered smartly on the Bombay Stock Exchange as well on the National Stock Exchange today on emergence of short covering coupled with fresh buying support from the financial institutions. The Sensex gained 77 points. The sentiment was weak during the earlier part of the session and the index dropped to 3388 but all round buying support recovered at the end. The closing rates showed modest to sizeable gains.

The BSE sensitive index recovered smartly from the session's low of 3388.46 to finish at 3479.89, with a sizeable gain of 76.82 points compared to the previous level of 3403.07. The BSE-100 index also gained 30.59 points to 1508.61 from previous close of 1478.02. Brokers said the sentiment turned for better on hopes that threat of mid-term elections was receding. Financial institutions led by UTI made aggressive buying on index-based scrips.Besides, bear operators covered their short positions in view of end-account considerations on the NSE.

ITC remained the most active scrip with a turnover of Rs 527.53 crore of the total volume business of Rs 1114.52 crore followed by SBI Rs 201.31, Reliance Rs 117.45 crore.

On the NSE, share prices recovered sharply on the last day of the current settlement on bear covering coupled with fresh purchases by financial institutions. The NSE-50 index closed at 1010.70, showing a recovery of 29.45 over the last close of 981.25. The Midcap index finished at 1147.05, revealing a gain of 17.35 points. The market displayed a total turnover of Rs 2,240.57 crore.

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