Although the huge net outstanding position on the BSE is cause for concern at the current levels, brokers seem to be least concerned about such things, as the net FII inflow during the current month has already crossed the Rs 1000 crore mark.

While the BSE Sensex closed almost 45 points up at 4710 points, the S&P CNX Nifty on the NSE closed 18 points higher at 1419.70 points.

The Sensex opened with a gap of around 25 points at 4692.19, also the day's low and touched the day's high at 4763.16. However, selling pressure during the last 15 minutes took some flab off the Sensex and the index closed 44.93 points higher over its previous close of 4665.56.

HLL, for the second day running, gave a lot of support to the indices as the year-end result expectations from the company are optimistic. Among the pivotals, ICICI and Satyam were in demand. While the former closed at the upper circuit level, the latter closed near that level. However, the day's star performer was Zee Tele which closed at Rs 936 against its Wednesday close of Rs 872.

According to brokers, although positive fund flow from the FIIs is a very good sign for the present moment, huge outstanding positions are worrying the market players. ``Some pressure has to come from somewhere and we are likely to see some liquidation of positions. Also the high badla rates over the last three weeks is likely to force operators to liquidate positions to some extent,'' said a dealer with a domestic broking house.

During the current month, FIIs have already bought shares worth Rs 1045 crore against the all-round scepticism of probable net outflow due to Y2K fears till a fortnight back. On Wednesday, according to Sebi's FII investment figures, net inflow was to the tune of Rs 127 crore.

For Friday, market players expect the Sensex to move in a narrow range it being the last day of current settlement on the bourse. And ``as we approach the end of the year, trading is likely to be more stock specific and operator driven,'' said a BSE member.