Bears beat hasty retreat as bulls hound ring

From initial weakness to markets ended the day with handsome gains on strong buying demand emerged during final trading hours on Tuesday.
The sharp rally in equities was despite weak IIP (Index of Industrial Production) data.  Besides, recovery in European markets along with higher US index futures also contributed to positive sentiments on Dalal Street.  
Surge in late trade
Even as stock market was volatile, bellwether index of Bombay Stock Exchange (BSE) crossed psychological 12,000 level witnessing sharp surge in late trade.
The rally was so strong that all sectoral indices ended in the green with gains between 1.02 per cent and 5.19 per cent.
The popular Sensex at BSE was up 475.04 points or 4.07 per cent to close at 12,158.03 points. It touched intra-day high and intra-day low of 12,194.63 points and 11,625.39 points respectively.  At the same time, BSE Mid-Caps and Small Caps closed with gains of 34.82 and 55.39 points to settle at 3,746 and 4,249.71 points respectively.  The S&P CNX Nifty at NSE was up 126.50 points or 3.56 per cent to settle at 3,681.10 points at the time of closing.
The market breadth, indicating the overall health of the market, turned positive from a negative breadth earlier in the day. On BSE, 1,416 shares rose as compared with 1,119 scrips that fell, while a total of 56 shares remained unchanged.