Snapping two-day losing string, the Bombay Stock Exchange benchmark Sensex today surged by over 240 points to regain the 17,000-level, with investors reposing confidence in Indian shares amid distinct weakness in Asian and European bourses.
Much-battered realty shares were back in favour though debt-ridden Dubai World's real estate arm Nakheel's restructuring raised concerns in Gulf bouses which registered sharp losses. Metal counter also witnessed brisk buying to shrug off yesterday's hefty losses.
"Real Estate stocks have seen a long build-up, suggesting that investors have been taking fresh positions in these stocks," said Bonanza Portfolio Assistant Vice-President Avinash Gupta.
Heavyweight Reliance Industries, which dipped over 3 per cent yesterday, also bounced back to close higher by 2.33 per cent helping the barometer to notch up the smart gain.
The 30-share Sensex on BSE fell for a while and touched a low of 16,964.11 right after the onset of business. But brisk buying emerged after mid-session lifting the barometer to 17,227.68, an impressive gain of 244.54 points or 1.44 per cent over its previous close.
Marketmen said buying was spread across all counters and all the sectoral indices closed in the postive terrain.
Today's gains more than made up for the 202.54 points markets had lost in the past two days which saw the Sensex losing the psychologically important 17,000-level after days.