The Hindu Business Line : Sensex bounces back

"Markets, these days, remind me of roller coaster rides. It's fun at the top, scary when it dips and very reassuring as it soars again." That was the reaction of a market analyst as the BSE Sensex sprinted by 185.4 points (1.52 per cent) to touch 12,389.41 points on Thursday.

Strong rallies in banking, IT and metal stocks saw the NSE S&P CNX Nifty ending the day at 3,564.90, up 49.55 points or 1.41 per cent.

"The market was buoyant since morning. The market forgot Wednesday's 162-point slump. Overall conditions were good with low crude prices being very supportive and the Asian markets faring well. The only problem is our inability to breach the 3,600-mark on the NSE Nifty. This is a clear indication that investors are selling at higher levels,'' said Mr Gaurang Shah of Geojit Financial Services.

Sectoral indices positive

All sectoral indices ended the day positive. The BSE Midcap rose 101.77 points or 1.98 per cent to close at 5,229.05. The Bankex, continuing its consistent march, went up 2.34 per cent to close at 6,096.42 while the "under-performer'' of the bourse, the BSE IT index, shot ahead 2.43 per cent to end at 4,404.08 points.

"IT stocks did well today but saw some very heavy selling towards the end of the day. This movement in the sector will be short lived,'' said a dealer.

The market turnover stood at Rs 28,980.62 crore on Thursday. Total FII inflows for the day were placed at Rs 724.2 crore.

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