Bulls assumed charge and roared in after getting knocked severely for three straight days. nvestors rushed to mop-up stocks as they found valuations attractive after a sharp correction of over 29 percent from its all-time high of 12,671.11 May 11.
The barometer BSE Sensex settled well below the 9,000 level, for the first time this year. Having resumed upbeat on the back of an Asian recovery, the Sensex settled 133 points in the red, on 8,929.44, and viciously swung 790 points between vital tops and bottoms.
Dealers said software services firms and auto makers led the rally on the index, with bellwether Infosys Technologies rising nearly 10 percent to Rs.2,728.25, and top exporter Tata Consultancy Services Ltd. up 4.5 percent to 1,554.35. 'It was an absorbing session from start to finish. The BSE Sensex vaulted a record-breaking 615.62 points after three consecutive bearish sessions,' said a market analyst.
'The benchmark index after surging almost 4 percent at the opening at one point of time, came all out all to finish on 9,545.06, a rally of 6.89 percent from beginning to the end. A recovery across global markets, including Asia, only added to the market sentiment,' he said.
The market-breadth, which had been negative when it slumped, was positive Thursday, with 1,691 shares advancing, against 681 that declined. Only 46 scrips remained unchanged. The BSE clocked a turnover of Rs.30,000 million, much higher than Tuesday's Rs.26,920 million.
