Sensex swings high and low before flat close at 12,042 pts.

Mumbai, Apr 29 (UNI) Stock markets had a scare on Friday morning as the BSE Sensex dipped 490 points in 15 minutes to week's low of 11,344 folowing market regulator SEBI's ban on 24 tainted brokers and 12 depository participants on Thursday evening.

These entities were found guilty in the IPO scam related to Yes Bank and IDFC IPOs and opening of multiple demat accounts.

SEBI later on relaxed the ban on Friday allowing all the tainted brokers to trade in their clients' retail account and kept its order in abeyance for top brokerage firm Indiabulls after their representative made oral and written submissions.

Moreover, the markets bounced back by more than 700 points in two sessions and recovered the losses completely with Sensex closing at 12,042 points on Saturday during the three hour special live trading session.

Overall it was quite a volatile week as the Future&Options expiry on Thursday led to wild swings in market along with the weaker global markets and highest ever cride oil prices.

Breather to the market came from good fourth quarter results by Reliance, Bharti Televentures, Grasim Industries, Hindustan Zinc etc.

Sensex didn't move much during the week as it closed at 12,042 point as it gained just 12 points over last week's close at 12,030 points.

The National Stock Exchange (NSE) S&P CNX Nifty index, closed 15.45 point up at 3,557.60 , as compared to the last close of 3,573.05.

On Monday,Sensex crashed by 115.06 points, quoting below 12,000 mark and ended at 11,915.24 points following the weak Asian markets and a surge in crude oil price to USD 74 per barrel.

On Tuesday, Sensex slumped 268.46 points to 11,646.78 due to across the board profit-booking.

On Wednesday, Sensex closed 291.75 points up at 11,938.53 with a gain of 2.50 per cent with frontline blue chips being the strong favourite of the investors.

On Thursday, Sensex showed volatility on the last day of the future and options (F&O) expiry for the month of April while swinging 283.42 points from day's high of 12,086.91 to a low of 11,803.49, finally closing at 11,835 points dropping by 103.51 points.

On Friday, 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.

Markets today were back to all time high levels with the BSE Sensex closing 190 points up at 12,042, an all time high, in the three hour special live trade conducted between 1030 hrs to 1330 hrs.All the blue chips were in demand leading to all time high close of the Sensex.

Buoyed up by good fourth quarter results announced on Thursday Reliance Industries closed above Rs 1,000 on Friday as well as today.Reliance touched a high of Rs 1,029.45 today in the special live trade before closing at all time high of Rs 1,021.70. Reliance stock earlier in the week slumped below Rs 1,000 to Rs 974 after previous week's rise to Rs 1,000.

Indiabulls scrip was badly hit by SEBI's notification banning it from trading in the stock market on Friday and the scrip was locked in circuit as it fell by 20 per cent to Rs 248.80 on Friday morning.

But later on Friday afternoon Indiabulls bounced back as SEBI issued clarification, keeping its earlier order in abeyance till further verifications with the clients of Indiabulls.

The scrip closed 9.15 per cent lower at Rs 282.50, with loss of Rs 28.45 on Friday but regained all the losses on Saturday with a gain of 10.94 per cent to Rs 313.40 with a gain of Rs 30.90.

ONGC had a volatile week as it rose up to Rs 1386 on Wednesday and opened at Rs 1,400 on Thursday but closed lower on Saturday.

Consequent to the block deals by Indian Oil Corporation(IOC) on Thursday ONGC scrip plunged by 5.92 per cent to Rs 1,303.45 the same day and finally closed at Rs 1,306.90 for the week.

On Thursday, Indian Oil Corporation sold 1.92 per cent equity of ONGC through bulk deal on the National Stock Exchange (NSE) comprising over 2.74 crore shares.

The deal was struck at Rs 1340 per share amounting to Rs 3669.73 crore for the 274,13,476 shares.

The shares were sold to foreign and domestic financial institutions like Life Insurance Corporation(LIC), HSBC, DWS and Templeton, sources said.

UNI