Thursday, January 19 2006 17:11 Hrs (IST) - World Time -

Mumbai: The sensex bounced back with a vengeance and today (Jan 19, 2006) spiralled up by 212 points, the biggest single day rise since September 26, 2005 in relatively low volume and now is poised for a long upward journey to the magic 10,000 level.

Crediting the strong pull-back rally after the 400-point correction to announcements of encouraging quarterly results as well as across-the-board buying support, brokers said the market witnessed all-round buying on the back of FIIs positive activity after a week-long negative activity.

The Bombay Stock Exchange (BSE) Benchmark 30-share Index started firm at 9,271.63 and gradually moved upwards to the intra-day high of 9,473.86 before ending the day at 9,449.84 against yesterday's close of 9,237.57, a net gain of 212.31 points or 2.29 per cent.

FIIs and domestic mutual funds were believed to be heavy buyers in shares from all the segments while operators and retail investors made hectic short-covering ahead of the expiry of the Futures contract on January 25.

The sentiment was bolstered by better-than-expected third quarter results released by L&T, Wipro, HDFC and REL.

Having adjusted to a downward correction in the last six days, the market is expected to surpass the magic 10,000 level before the budget presented at February end, brokers added.

Shares of Jey Airways hogged the limelight shooting up by by Rs 70.10 to Rs 1198.80 following the company's acquisition of Sahara Airlines. However, late profit booking trimmed the gains and the scrip ended at Rs 1149.90 from last close of Rs 1128.70.