Mumbai: Overcoming the initial setback caused by Supreme Court's verdict to stay the disinvestment of the petro majors HPCL (Hindustan Petroleum Corp Limited) and BPCL (Bharat Petroleum Corp Limited), share values recovered smartly at the Bombay Stock Exchange (BSE) on September 16 on fresh bouts of heavy buying from all quarters with the BSE-30 index rallying by 80.92 points to end at 4274.75.

Despite a positive opening, most of the major PSUs (Public Sector Undertakings) met with heavy nervous selling after news filtered in on the SC ruling, staying the government's disinvestment process of the PSUs, without Parliament's approval, as a result the SENSEX touched a low of 4134.69.

However, the impact of the court ruling was short-lived after a BJP (Bharatiya Janata party) statement that judgement would not have an impact on other PSUs as it challenged only the mode of disinvestments of the two oil majors, leading to prices of majority of shares, including those of PSU, shooting up on a fresh buying spree.

Bargain hunting at attractive lower levels by foreign funds largely helped the sharp rally after mid- session even as the two affected PSUs bore the brunt of selling, a dealer at a broking house said.

Mirroring the market trend, the BSE-30 sensitive index started on a positive note at 4195.10 and touched a high of 4290.

Later, on fresh demand, it bounced back with vengeance and closed at 4274.75, showing a sharp rise of 1.93 per cent over the last close of 4193.83.

PTI