After a brief haitus, the bulls which were forced to run for cover and left to lick their wounds by the hounding bears, were back in business, in full vengeance. Having watched from the sidelines the bears make merry all this while, the resurgent bulls willed themselves into action on Tuesday. 
 
Assuredly, with the bulls herding their way back into the ring, the bellwether Bombay Stock Exchange 30-Scrip Sensitive Index — Sensex galloped to a high of 879 points registering a 5 per cent increase over Monday’s close, it’s biggest-even single day gain in the bourse’s history. 

In case of Sensex, biggest ever gain in percentage terms was seen on May 18, 2004 when it rose 8.24 per cent. The biggest fall was a day before, when it fell by 11.1 per cent. So far, there have been 18 trading sessions when Sensex fell by over five per cent, with latest being on May 18, 2006, when it fell by 6.7 per cent. There were two one-day gains and one fall of over five per cent last year. Besides, the 6.9 per cent jump on June 15, Sensex had risen 5.5 per cent on June 9 last year. In 2000, one-day movement of over five per cent was recorded 10 times — highest in a year so far. There were six falls and four gains of this magnitude that year. Prior to that, there were seven such movements in 1999 with six gains and just one fall of over five per cent.

Sebi meet
While Sensex jumped to a new high during the day, broader based S&P CNX Nifty at National Stock Exchange (NSE) was also impressive with surge of 289.70 points to 5,473.20 points.  The rise at Nifty for the day worked out to 5.59 per cent. 

Volatility is expected to be the dominant mood on the markets in the coming few days ahead of expiry of October 2007 derivatives contracts on Thursday, October 25, 2007. Also RBI’s mid-term review of annual policy due on October 30, 2007, and US Federal Reserve’s meeting on 31 October 2007, on interest rates will be key events that will drive the market.