Mumbai: Frantic short-coverings on the last day of the April series as well as firm global cues helped the bellwether Sensex to rebound by 401.50 points to close at a six-and-a-half month high of 11,403.25.
Operators as well as speculators were seen covering short positions on the concluding day of the derivatives contract.
The Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE) will remain closed on 30 April and 1 May for the Lok Sabha elections and Maharashtra Day, respectively.
The firm trend indicated that the operators preferred to roll over their long positions to the May series rather than book profits at higher levels.
The BSE 30-share barometer resumed better at 11,091.56 and ended with a net rise of 3.65% from its previous close. It had closed at 11,483.40 on 14 October, 2008.
The Sensex, yesterday, had tumbled by a whopping 370.10 points or 3.25%.
Similarly, the 50-issue Nifty of the NSE also bounced back by 111.60 points or 3.32 per cent over yesterday’s close to settle the day at 3,473.95.
Recovery was so strong that all the sectoral indices ended in the green.
The banking index came second with a rise of 4.47% to 5,685.22 as ICICI Bank, the second-largest lender by assets, gained 8.74% at Rs477.75, State Bank of India 3.04% at Rs1,277.70 and HDFC Bank 2.80% at Rs1,100.70.
The technology index increased 3.99% at 2,163.00 points, oil & gas 3.48% at 8,132.62, power 3.17% at 2,112.76, and auto 2.92% at 3498.24.
The metals index was up 2.84% at 6,885.81, realty 2.60% at 2,130.41, capital goods 2,24% at 7,908.75, PSUs 1.96% at 5,863.56, consumer durables 1.94% at 1757.58, FMCG 1.53% at 2095.00 and healthcare 0.99% at 3,050.46.
Midcap stocks were also purchased, and the midcap index gained 1.83% at 3513.86, while the smallcap index rose by 1.35% to 3,940.90.