Local shares ended higher in a highly volatile session on Thursday as investors chose to go for bargain hunting in last hour of trade. The day saw massive swings as mystified investors earlier had hardly any conviction to buy stocks due to gloom in the global markets, while later half saw buyers crowding all counters after markets fell more than two percent. Also, uncertainty over global economy and hesitancy over where markets would go from here continued to bother marketmen. Interestingly, broader indices did not play a part in the ebb and flow like the benchmark indices as traders were consistent in picking up potential second-shares at attractive valuations after a major drop in the previous week. The prime contribution in this late recovery of markets was done by shares from metal, realty and power space. Fast moving consumer goods and software minutely missed out on achieving the merit of being on the gainers list of sectoral counters. Finally, the 30-share BSE Sensex gained 151.77 points or 0.95% to end at 16,063.90, while the S&P CNX Nifty added 54.75 points or 1.16% to settle at 4765.55.

The US markets soared once again on Thursday, rejoiced by the drop in unemployment claims and rise in business productivity. The Labor Department reported that the number of newly laid-off workers seeking unemployment benefits fell to 512,000 last week, the lowest level since January this year. The investors took the Labor Department report as indication of governments' monthly report on employment, coming better than expected. Though, the report also illustrated that many employers remain reluctant to hire. The Dow Jones Industrial average surged by 203.82 points, or 2.08%, to 10,005.96. The broader Standard & Poor's 500 index was up by 20.13 points, or 1.92%, to 1,066.63, while the Nasdaq was up by 49.80 points, or 2.42%, to 2,105.32.

The crude prices slipped on Thursday as the investors turned cautious about the crude demand of the country and also the Energy Information Administration (EIA) data showing a drop in oil imports last week, helped push crude prices lower. The EIA also reported Thursday that the country continues to sit on an ever-expanding natural gas stockpile that's the largest on record. Benchmark crude for December delivery gave up 84 cents at $79.56 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery fell 84 cents to $78.05 on the ICE Futures exchange.

The Indian rupee closed almost flat on Thursday. The start was subdued as the regional stock markets were in negative terrain, but as soon as the local markets recovered after opening soft the rupee too strengthened, though the dollar's gains versus other major currencies prevented a further rise. The rupee closed at 47.02/03, 3 paise stronger compared to its Wednesday's close of 47.05.

The FII on Thursday were the net buyers in the equity segment with gross buying of Rs 3395.20 crore against gross sell of Rs 3381.40 crore, while in the debt segment they were the net sellers with a gross purchase of Rs 865.70 crore against gross sales of Rs 1260.40 crore.

The US markets surged on Thursday on the report of drop in unemployment, one of the major barometers of economic strength. All the major indices were up by about 2%.The Asian pack has taken the positive cues of US markets and have made a good start, with all the major indices trading up by over 1%. The local share markets despite a volatile trade were able to make a close of decent gains in previous session. The telecom sector made a recovery after a report from a local daily that government may reduce annual licence fee for telecom companies. If the news gets ground the sector is likely to see some more upmove, the other sector to be in lime light today is PSU, after the governments move to divest 10% stake in all profit making PSUs.     

Support and Resistance: S&P CNX Nifty and BSE Sensex

                                                             Nifty Top volumes

• Indiabulls Financial Services has hiked its stake in Suzlon Energy to 6.38% by acquiring pledged shares of the company.
• The Institute of Chartered Accountants of India (ICAI) is going to investigate Reliance Communications accounting practices.
• HCL Technologies has joined hands with iLumen to power its business and commercial lending system.
• ABB has appointed Amlan Datta Majumdar as the Chief Financial Officer (CFO) of the Company.
• Reliance Industries (RIL) has got two week time from SC to amend its written statement in a dispute with the government-owned NTPC over gas prices.

The stake has been bought from Flughafen Zuerich AG for the consideration of Rs 484....