Sensex Ends Higher Up 702

After a session of wild gyrations, bulls were back with a vengeance, covering short positions. The realty pack was in demand after being in the dumps in recent weeks. Sentiment got a lift after realty major DLF said it will consider a share buyback on July 10. All sectoral indices, barring FMCG, posted significant gains.

Bombay Stock Exchange's Sensex ended 5.51 per cent or 714.62 points at 13,676.30 after sharp swings to a high of 13,712.31 from an intra-day low of 12,822.75.

National Stock Exchange's Nifty settled at 4105.55, up 5.36 per cent or 208 points. The index touched a high of 4107.15 and low of 3848.25 intra-day.

Midcaps and smallcaps also picked up pace. The BSE Midcap and Smallcap indices ended 3.67 per cent and 2.18 per cent respectively.
Biggest index gainers were DLF (up 15.11%), HDFC (10.82%), Reliance Infrastructure (10.25%), ONGC (7.81%) and Larsen & Toubro (7.05%).

ITC, down 2.07 per cent and ACC, down 0.68 per cent, were the only losers on the 30-share index.

Market breadth, which was negative through the day, ended in favour of the advances. On BSE, 1586 shares gained and 1090 fell.

Meanwhile, European stocks staged a recovery after reassuring reports from banks. UBS AG and Deutsche Bank AG reduced concerns about credit losses by saying they do not need fresh capital. The FTSE 100 was up 1.29 per cent, DAX 30 rose 1.04 per cent and CAC 40 gained 0.82 per cent.