BOMBAY, Nov 10: Share prices posted solid gains on the Bombay Stock Exchange (BSE) yesterday following heavy instf tutionaJ and speculative buying, reports AFP.

The 30-share BSE sensitive index gained 49.96 points to close at 2,767.88 while the 100-share national index put on 23.12 points to close at 1,329.10.

"Foreign institutional investors as well as local public financial institutions bought heavily," said broker Ajit Ambani.

Broker Mahesh Doshi said the Bombay stock market, India's largest, may have turned the corner. "People seem to have forgotten the Hazratbal Mosque standoff and the elections," Doshi said.

The broker was referring to Vie Indian army siege of the Hazratbal Mosque in Kashmir,

which entered its 26th day yesterday, and election in New Delhi and five Indian states this month to pick local governments.

Ambani said there would be some selling pressure today. "But the overall trading sentiment is good," he said.

Yesterday’s gains came as Finance Minister Manmohan Singh announced that New Delhi intended to throw out all import controls and make the rupee convertible on the capital account.

The Bombay bourse had been depressed during the last three weeks because of the Hazratbal standoff between Muslim militants holed up inside the mosque and Indian troops, and the state elections.

Associated Cement Co gained 50 rupee to 2.170 rupee, Tata Steel added 1.50 rupee to 170 rupee and Reliance gained four rupee to 260 rupee.