Mumbai, June 15 (IANS) India's benchmark share market index Thursday climbed nearly seven percent, posting the biggest-ever single day gain after a three-day slide.
Bulls assumed charge and roared in after getting knocked severely for three straight days.
Investors rushed to mop-up stocks as they found valuations attractive after a sharp correction of over 29 percent from its all-time high of 12,671.11 May 11.
The barometer BSE Sensex settled well below the 9,000 level, for the first time this year.
Having resumed upbeat on the back of an Asian recovery, the Sensex settled 133 points in the red, on 8,929.44, and viciously swung 790 points between vital tops and bottoms.
Dealers said software services firms and auto makers led the rally on the index, with bellwether Infosys Technologies rising nearly 10 percent to Rs.2,728.25, and top exporter Tata Consultancy Services Ltd. up 4.5 percent to 1,554.35.
"It was an absorbing session from start to finish. The BSE Sensex vaulted a record-breaking 615.62 points after three consecutive bearish sessions," said a market analyst.
"The benchmark index after surging almost 4 percent at the opening at one point of time, came all out all to finish on 9,545.06, a rally of 6.89 percent from beginning to the end. A recovery across global markets, including Asia, only added to the market sentiment," he said.
The market-breadth, which had been negative when it slumped, was positive Thursday, with 1,691 shares advancing, against 681 that declined. Only 46 scrips remained unchanged.
The BSE clocked a turnover of Rs.30,000 million, much higher than Tuesday's Rs.26,920 million.
Drug maker Nicholas Piramal rode on its plans to buy Pfizer's Morpeth British facility raising 8.40 percent to Rs.171.
India's largest construction and heavy engineering firm rose 11.4 percent to Rs.2,041 after the company announced that it was looking for more joint ventures in the Gulf region.
Shipping Corporation of India (SCI) too jumped to Rs. 134.70 on a dividend declaration of Rs.8.5 per share.
GHCL rose 3.26 percent to Rs.99.85 on reports that it is in the final stages of acquiring UK's largest home textiles retailer, Rosebys, in a $50 million deal.
Carborundum Universal jumped 14 percent to Rs.126.50 on entering into a joint venture with CEEB for a 49 percent stake in Jingri, Yanjiao, China.
Forbes Gokak surged 20 percent to Rs.499, after the textile firm said it would form a shipping joint venture with state-run SCI.
Ciba Specialty Chemicals spurted 5.42 percent to Rs.278 on signing a joint venture agreement with the Virchow Group, Hyderabad, to produce Triclosan for domestic and other Asian markets.
Kale Consultants rose five percent to Rs.84.40 on bagging a five-year contract for revenue accounting processing services from the company for approximately 8 million pounds sterling.
As per the contract signed, the company will provide revenue accounting processing services to BMI, the second-largest airline operating out of London Heathrow from its managed processing service centre here.