Mumbai: It was a turnaround session for the markets as it reversed the losses made during the previous trading session. The Sensex closed at 9,810 making hefty gains of over 500 points.
It was the third biggest intra day gain for the Sensex in history and the biggest single day gain since March 2 1992. The Nifty closed 143 points up at 2,866.
The Asian markets also closed in green while the European markets opened on a positive note.
Top gainers on the indices:
- Reliance Energy up 13.4 per cent
- Reliance up 11.7 per cent
- Grasim up 11.90 per cent
- ITC up 9.2 per cent
- VSNL up 14.9 per cent
- IPCL up 15.7 per cent.
The total market breadth remained positive, about 1,427 shares advanced, 902 shares declined, and 35 shares were unchanged.
RIL surged more than ten per cent, which attributed significantly to the market recovery. Cigarette major ITC was trading at Rs 158.80, up 7.88 per cent from its previous close of Rs 147.20.
Stock markets fueled as bank shares recovered on concerns of hike in interest rates by banking majors. Most of the index-related banking stocks recovered from early weakness and supported the up trend.
Trading sentiment improved after leading banks like ICICI Bank hiked their interest rates.
The reversal in the market trend, which had lost over 1,150 points in last four days, revealed a firm tone as market players forced to cover their pending positions.
Markets witnessed massive buying by domestic funds and short-covering by market players. Blue chip stocks bounced back from steep falls.
Stockbrokers said that increased buying by domestic funds and retail investors helped shares to recoup part of lost ground.
They said reports of stabilising global equity markets too had a positive impact on trading sentiments.
(With agency inputs)
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