Bulls roar back after 490 pts intra-day fall on Sensex

Mumbai, Apr 28 (UNI) Even after a massive slide of 490 points in the morning trade, the BSE Sensex bravely recovered its losses to close in the green at 11,851.93, that too with a gain of 17 points from yesterday's close.

Stock markets slumped this morning after market watch dog SEBI last evening banned 24 operators including Karvy Stock Broking and India Bulls from stock market operations and 12 depository participants (DPs) from opening fresh demat accounts.

The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) swung 533 points intra-day, from a low of 11,344.61 in the morning to 11,877.32 points towards the close, in one of the sharpest intra-day recoveries in BSE's histroy.

The National Stock Exchange (NSE) S&P CNX Nifty index, too, bounced back at 3.508.35, after dipping 166 points to a low of 3,342 in the morning, and closed with a marginal gain of 0.25 point as compared to the last close of 3,508.10.

Nifty also swung 174.80 points from day's low of 3,342 to day's high of 3,517.

Markets recovered as good fourth quarter results, along with SEBI's clarifications kept yesterday's order in abeyance with respect to India Bulls, subject to verification of clients and also allowed tainted brokers to trade in their clients' accounts.

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