Thursday, the Indian market bounced back sharply after correcting around 2% in the past few sessions. The market started on a flat note and witnessed choppy trading for the first hour. Later, as considerable recovery in the other Asian markets helped prop up sentiment, investors went on bargain hunting amid attractive valuations. Especially, investors took cues from the higher U.S. futures, which rose after Credit Suisse Group's Q1 results beat market expectations. Short covering ahead of F&O expiry next week also helped the recovery.

Meanwhile, the annual inflation rate for the week ended April 11 rose to 0.26% from 0.18% in the previous week, as essential food articles like cereals, eggs, salt, and fruit and vegetable turned dearer. The inflation rate was at 7.95% in the corresponding week a year ago.

The BSE Sensex rose to a high of 11,203 before paring some of its gains to finish at 11,135, up 317 points or 2.93% over the previous close. Likewise, the S&P CNX Nifty closed at 3,424, up 93 points or 2.80%.

The broad-based BSE 500 index rose 2.45% and the mid-cap index moved up 1.48%, while the small-cap index on the BSE gained a modest 0.94%. However, the market breadth was extremely positive, with advancers outnumbering decliners by 1441 to 1056.

Stocks received good support across the sectors. While IT, metal and realty stocks led the gainers, FMCG, healthcare and stocks of public-sector companies ended with modest gains. Select stocks in the consumer durable sector like Blue Star and Rajesh Exports ended in the red.

Twenty-seven out of 30 Sensex stocks closed in positive territory, with Sun Pharma, Hindustan Unilever and Bharti Airtel ending in the red.

Among the top gainers, Wipro surged up 11.11%, Tata Steel soared 8.98% and Grasim Industries jumped 7.21%. Reliance Infrastructure, Sterlite, Maruti Suzuki, ICICI Bank, Tata Motors, Infosys and DLF were the other prominent gainers.

Geojit Financial Services surged up 18.31% after it underwent a name change following a partnership with BNP Paribas. Reliance Natural Resources rose 1.73% after it has posted standalone net profit of Rs.69.87 crore for the year ended March compared to Rs.68.60 crore in the previous year

Oil-explorers Reliance, ONGC and Cairn ended firm after the Centre for Monitoring Indian Economy (CMIE) said that domestic natural gas output will grow by a robust 60.5 percent in 2009-10. Investors also looked forward to earnings announcement from Reliance Industries.

LIC Housing Finance soared 6.02% after its net profit for the March quarter grew to Rs. 157.56 crore from Rs. 118.09 crore in the corresponding quarter last year. Jain Irrigation Systems closed up nearly 1% after around 4.25 lakh shares changed hands in three different block deals on the stock exchanges.

KEC International gained 3.53% on bagging two orders worth Rs.95 crore in Mozambique and Namibia. HDFC Bank closed up 0.30% ahead of the announcement of its quarterly results for three months ended March.

Reliance Petroleum rose 2.62% after the company reported a net profit of Rs 84 crore for the fourth quarter ended March. Previous year figures were not available, as its refinery started commercial operations only in March 2009.

Sterlite Industries jumped 6.02% after a US court on Wednesday allowed Sterlite to buy bankrupt US copper miner Asarco LLC for $1.1 billion in cash and a $600 million note. The proposed Sterlite purchase is fair and reasonable and provides a benefit to the debtors, their estates and to all creditors, the court said in its verdict.

Tata Motors soared 5.64% on reports that its fixed deposit scheme has mopped up Rs.2, 000 crore in four and a half months. Bata India fell 3.33% after its net profit for the March quarter declined to Rs. 10.33 crore from Rs. 11.03 crore in the same quarter of the previous year.

Reliance topped the traded value with a turnover of Rs 234.72 crore followed by Reliance Capitals (Rs 219.76 crore), HDIL (Rs 212.23 crore), Reliance Infrastructure (Rs 196.81 crore) and Tata Steel (Rs 179.54 crore).

Unitech topped the traded volume with trades of over three crore shares followed by HDIL (1.55 crore), Suzlon (1.54 crore), Reliance Natural Resources (1.51 crore) and Ispat Industries (1.14 crore).

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