Bolstered by a sharp rise in the scrip of top heavyweight and petro-chem giant Reliance Industries Limited (RIL), the Bombay Stock Exchange bellwether Sensex not only snapped a two-day losing streak but flared up by a whopping 125 points to close at 11,531.95 on fresh bouts of buying.
Dealers attributed the initial weakness to negative global advices, but later foreign funds, who were consistent sellers in derivatives for the last few days and slowed down their activities in cash, turned heavy buyers in blue chip counters which turned the table in favour of bull operators.
The 30 share sensitive index (Sensex) opened with a downside gap at 11,367.74 points as against Wednesday's close of 11,406.65 and immediately touched a low of 11,297.23 points.
Later, emergence of buying in refinery, metal and auto stocks lifted the Sensex to the day's high of 11,566.89, before concluding at 11,531.95 points, a sharp rise of 125.30 points or 1.10 per cent.
On the National Stock Exchange (NSE), the S&P CNX Nifty also spurted by 34.60 points or 1.04 per cent close at 3,370.40 from previous close of 3,335.80.
Meanwhile, on the Wall Street, the Dow Jones Industrial Average and the Nasdaq Composite Index dropped by about 42 points and 15 points respectively last night, while most of the Asian markets also displayed a weak trend at close on Thursday.
World oil prices plummeted below $72 a barrel on news of a surprise increase in US gasoline reserves and calls by Iran for talks to resolve its nuclear standoff, impacting positively on refinery and auto counters.
Out of total 2,548 traded shares, 1,346 closed with gains while 1,121 ended with losses. One hundred and ninetysix counters finished in upper circuit filter while 85 locked in lower price band at close.
Trading volume improved to Rs 3,165.93 crore from Rs 2,998.25 crore on Wednesday. RIL clocked the highest turnover of Rs 302.17 crore followed by Mahindra Ugine (Rs 211.88 crore), EDU Comp (Rs 131.71 crore), Bombay Dyeing (Rs 124.42 crore) and Tata Steel (Rs 72.20 crore).
The broad-based BSE-100 Index rose by 63.82 points to 5,858,73 from previous close of 5,794.91.
The BSE-200 Index and the Dollex-200 were quoted sharply higher at 1,382.33 and 494.74 at close compared to last close of 1,368.10 and 489.52, respectively. The BSE-500 Index shot up by 40.93 points to 4,376.29 from 4,335.36 and the Dollex-30 ended higher at 2,035.30 from 2,012.64 previously.
RIL flared up by 44.80 to 1106.55, Tata Motors by 12.80 to 860.30, Maruti by 4.70 to 830.25, Hero Honda by 12.65 to 712.70, Bajaj Auto by 6.70 to 2695.70, Tata Steel by 11.35 to 517.35, Hindalco by 6.10 to 167.90, ACC by 17.95 to 912.15, Bharti Airtel by 9.70 to 415.30, Dr Reddy by 8.40 to 1453.95, GACL by 3.60 to 113.60, Grasim by 4.65 to 2197.45, HLL by 1.95 to 231.70, ITC by 1.45 to 180, NTPC by 2.00 to 126.10, Ranbaxy by 4.15 to 389.55, Rel Com by 6.00 to 296.50, SBI by 11.50 to 874.10, TCS by 4.05 to 967.40 and Wipro by 4.55 to 515.55.
However, BHEL declined by 9.85 to 2239.40, ONGC by 10.55 to 1188.90 and REL by 2.05 to 456.40.