Mumbai, July 2 (DNS) After a three-day long string of big losses, the markets staged a dramatic reversal today with benchmark Sensex notching up a massive over 700-point gain, the fifth biggest rise this year, on return of aggressive buying support across-the-board।
The 30-share bellwether Sensex on the Bombay Stock Exchange settled the day above 13,664।62, a rise of 702.94 points, or 5.42 per cent.
Reatly and bank stocks where were hammered in the past three days made a strong come-back and their sectoral indices closed higher by 12।22 per cent and 6.02 per cent, respectively. Metal, consumer goods and IT indices were the other top gainers in the range of 5-6 per cent.
The 50-share S&P CNX Nifty on the National Stock Exchange also scored an impressive gain of 196।60 points, or 5.05 per cent, to close at 4,093.35.
Marketmen said the sudden come-back was a surprise considering a host of negative factors, including high crude oil prices and bearish Asian markets।
Global oil prices traded above USD 141 per barrel in Asian trade today।
They said investors continued to be concerned over inflation, higher interest rates and fears of lower-than- expected corporate earnings।
Marketmen credited the strong surge to sudden entry of Foreign Institutional Investors (FIIs), which were believed to be heavy buyers in equity in the latter part of day।
Analysts termed today's upswing as a technical bounce as the market had fallen by a huge 1,460 points, or 10 per cent, in the past three days. The Sensex had lost about 3,600 points, or 22 per cent, from June 1 till today. DNS
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