Market rebounds

After crashing over 1,200 points in the last four sessions, the market witnessed a strong relief rally on across-the-board buying throughout the day. Strong optimism in key indices triggered a steep rally and the oil index managed to register over 4% gains.
Sensex opened on a strong note with a positive gap of 137 points at 9,208, but quickly tumbled. Anyway, it remained upbeat all through the session on sustained buying support. The rally gathered steam towards the close and Sensex touched an intra-day high of 9,413 before ending the session at 9,370, up 299 points. Nifty also bounced back sharply and advanced 90 points to close at 2,835.



Market breadth was absolutely positive. Of the 2,482 stocks traded on BSE, 1,402 stocks advanced whereas 977 stocks declined. Hundred and three stocks ended unchanged. All sectoral indices closed with significant gains. BSE Oil was the major gainer and soared 5.85% followed by BSE IT (up 5.02%), BSE Teck (up 4.57%), BSE Realty (up 4.38%) and BSE Metal (up 4.18%).



Among 30 Sensex stocks, 26 ended in the green. Attracting strong buying support Reliance Communications surged 10.36% at Rs185.40, Reliance Infrastructure soared 9.70% at Rs522.35, Reliance Industries jumped 9% at Rs1178.15, Mahindra & Mahindra advanced 6.07% at Rs319.95, Tata Steel added 5.23% at Rs213.45, JP Associates zoomed 5.08% at Rs70.35, Hindalco Industries gained 4.12% at Rs50.60, Sterlite Industries vaulted 3.84% at Rs273.10 and ICICI Bank was up 3.48% at Rs441.10. Other frontline stocks also moved up by 1-3% each.



Oil stocks witnessed sustained buying support. Reliance Natural Resources Ltd (RNRL) surged 12.67% at Rs54.25, Essar Oil jumped 9% at Rs79.15, Reliance Petroleum added 6.17% at Rs80.10, ONGC advanced 5.05% at Rs645 and Cairn India gained 1.90% at Rs155.85.


Over 2.66 crore shares of Satyam Computer Services changed hands on BSE followed by Reliance Natural Resources (2 crore shares), Rolta India (1.53 crore shares), Unitech (1.53 crore shares) and Suzlon Energy (1.36 crore shares).