Scrips see rebound with bulls back in business

The strong buying momentum helped the 50-unit S&P CNX Nifty regain the psychological 6,000 mark, while the bellwether index of BSE was inching closer to 20,000 level. 

The BSE Sensex surged 372.15 points or 1.9 per cent to settle at 19,957.59 in the closing. It swung between 403.58 points at the day's high and rose 55.98 at the day's low. The 50-unit S&P CNX Nifty rose 119.70 points or 2.03 per cent at 6,010. The Nifty hit a high of 6,020.25 in mid-afternoon trade. The BSE Mid-Cap index was up 1.28 per cent and the BSE Small-Cap index rose 1.46 per cent.

Trading for the week began on an upbeat note, with share prices bouncing back from 2-month lows tracking firm global stocks, with all sectoral indices on the BSE ended in green. Banking, consumer durables and IT stocks led the rally, while, while capital goods and healthcare stocks lagged the rally. 

The market opened on a firm note as most Asian stocks rose after Ireland on Sunday, 21 November 2010, formally applied for aid from the European Union and the International Monetary fund.

A bout of volatility was witnessed as the key benchmark indices later pared gains. The market surged in mid-morning trade and firmness prevailed in early afternoon trade and then it struck a fresh intraday high in afternoon trade, while buying intensified thereafter in the day. 

Traders point out that in the near-term, year-end profit taking may cap the upside on the domestic bourses. A number of stocks have clocked decent to strong gains this year. Funds based in US and Europe follow calendar year as their accounting year.

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