Dramatic Recovery:Sensex up 51 pts after 443 pts intra-day dip

Mumbai, May 16 (UNI) The markets staged dramatic recovery with the BSE Sensex closing 51.53 points up at 11,873.73 after it dipped 443 points in the mid-morning session to day's low of 11,378.96 point.

Yesterday, the benchmark index had dipped 462 points to 11,822 points.

This morning Sensex opened 39 points lower at 11,861 points as compared to the last close of 11,822 and became volatile soon after, dipping as low as 11,378 by 1200 hrs.

However, there was 575.55 points intra-day recovery in three hours time to a high of 11,954 by 1500 hrs.

The stock that were big gainers and helped Sensex recover were Reliance Industries up by 2.17 per cent closing at Rs 1,043.30; Hindustan Lever was up by 2.25 per cent to Rs 269.95;ITCwas up by 1.59 per cent to Rs 194.95; Hindalco was up by 2.24 per cent to Rs 214.85; Grasim Industries was up by 2.65 per cent to Rs 2,182.20; Bajaj Auto was up by 2.73 per cent to Rs 3,122.50; BHEL was up by 3.34 per cent to Rs 2,330.

The maximum gains on the Sensex were made by Gujarat Ambuja Cement up by 7.58 per cent; ACC was up by 4.84 per cent to Rs 903.55.

''Long term trend is still bullish and volatility is inevitable at this level when markets are fully priced, said Dinesh Thakkar, CMD Angel Broking.

''At the same time markets will also consolidate, liquidity will decide the direction of the market which may move in the range of 11,000 to 12,500 points till first quarter results to be announced in July,'' Mr Thakkar said.

Sectors that ended in the green were led by BSE FMCG index up by 1.13 per cent; BSE Oil&Gas Index up by 0.67 per cent; BSE Auto index up by 0.80 per cent and BSE PSU index was up by 0.11 per cent.

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