Mumbai, March 31: The sensex signed off 2004-05 on a heady note, vaulting 111 points to close at 6492.82 as a Wall Street rally and hopes of smart corporate scorecards next month took the edge off year-end jitters.

Some of the losses suffered over the past week were dissolved in the surge, whose immediate trigger was receding fears of having to fill up the erosion in values of stocks. These are called margin calls in market parlance.

Technology firms, banks, automakers and refineries were the propellers on Dalal Street, where nerves were also calmed by a smooth rollover of derivatives contracts.

Foreign institutional investors (FIIs), whose sales on several days of this month have spooked the market, were big buyers today. Fears of their waning appetite proved unfounded when Sebi dished out figures showing their net sales at $3.7 billion in 2005. With the year only three months old, this is half of $8.5 billion in 2004.

On the National Stock Exchange (NSE), indices soared as shares of software companies zoomed on the back of heavy buying by domestic mutual funds. The S&P CNX Nifty firmed up 42 points to close above 2000, at 2035.65.

The index opened higher at 1994.50 and after shooting up to an intra-day high of 2043.60 closed at 2035.65, showing a sharp rise of 41.95 over the last close of 1993.70.

HCL Tech, Infosys, Satyam, Wipro, ITC, ABB, Bajaj Auto, Bhel, Gail, Glaxo, Grasim, ONGC, TCS and Tata Steel reported handsome gains. On the NSE, the most actively traded shares were Tata Steel, Reliance Industries and Satyam Computers. Dealers said the softening crude prices were behind the sharp gains made by IOC, ONGC and other refining companies.

Rupee hardens

The rupee closed at 43.75 against the dollar, finishing 0.16 per cent higher than its previous finish of 43.81. However, analysts say an expanding current account deficit could rein in the currency over the next few months.