Following Friday's gain of 60 points, the index has registered a net rise of 9.93 per cent from its May 7 level when it closed at 3,707.75 points.

The S&P CNX Nifty Index registered a marginal gain of 17.25 points to close at 1,165.35 points, with turnover at Rs 3,120.72 crore. About 60 per cent of the turnover on both the local bourses was however contributed by only the top 10 frontline stocks, said brokers.

The gains made in the market indices were essentially contributed by cyclical stocks like ACC, Reliance, BPCL, HPCL, Andhra Valley, SBI, Bank of Baroda and Tata Tea. All these stocks hit the upper circuit of the price bandon both the local bourses. While ACC registered a new 52-week high of Rs 2,023, Reliance registered a historic volume of 3.19 crore on both the local bourses. On Friday, the ACC counter witnessed a net short position of 45,000 shares while Reliance registered a marginal rise in its net short to 20.34 lakh shares.

FIIs were reportedly buyers at these counters for the ninth consecutive session. On Thursday, FIIs were net buyers to the tune of Rs 277 crore.

The net long positions on the BSE once again registered a fall of Rs 34 crore to close at Rs 934 crore on Friday. The gross long positions have been pegged at Rs 1,318.25 crore while the shorts have fallen to Rs 384.07 crore.

Interestingly, both Telco and SBI have entered into the net of short sales with the total short positions touching 41,000 shares. On Thursday, the net long positions at Telco were 4.6 lakh shares. SBI witnessed a net short position of 4.4 lakh shares. Based on the increasing short positions, brokers expect these counters to attractbackwardation charges leading to a steep fall in the badla charges.

"FII purchases have been focussed in nature which has reflected on the market indices. However, the rally cannot be sustained unless the breadth of the market is widened and cash group stocks also start participating," explained BSE broker Ramesh S Damani in the light of the run-up witnessed at select frontline counters. On the GDR front, the Indian papers continued to receive fresh bids with the Skindia GDR Index trading at 787.32 points, up 2.79 per cent. GDRs of Reliance, ITC and SBI witnessed gains of over 4 per cent on an average. Pharma and infotech stocks, the one-time market favourites, continued to trade on a lacklustre note.

Cement major ACC continued to hog the limelight as rumours of FIIs taking fresh positions at the counter made rounds. The stock touched a new 52-week high of Rs 2,023 where it was locked till mid-session. However, towards the fag end, the stock moved out of the circuit lock to close at Rs 1,985.25. The stockwill be traded on an ex-rights basis on the BSE from May 17 and from May 19 on the NSE.

The face value of the stock has also been reduced to Rs 10 from the current level of Rs 100. The counter witnessed two cross-deals aggregating to 12,500 shares reported at the price of Rs 1,984 on the BSE. Besides ACC, BHEL also witnessed a huge deal of 10,000 shares reported at Rs 214.50. Telco registered 8 cross-deals aggregating to over 1.10 lakh shares reported at Rs 190. The stock was locked at the upper limit of the price band at Rs 196.85. Among the PSUs, MTNL registered a net loss of 2.47 per cent to close at Rs 195.05 on the NSE.