It was yet another spectacular example of resilience of Indian market which has almost recovered from its recent correction of over 2000 points. The subprime shockwaves emanating from United States hit the global market leading to sharp (over 12%) correction in the Indian peers too. Yen carried trade coupled with political instability in Delhi on account of Nuke deal with USA added insult to the already injured markets and consequently the 30 shares BSE sensitive index plummeted by over 2000 points from its all time high of 15868.85 in August.

Indian markets backed by its strong fundamentals have bounced backed rapidly and is hovering near to its recent highs. According to analysts, this 1642 points pull back on Sensex is one of the fastest recoveries. Top six stocks contributed nearly 53% in the ongoing recovery. The big boys Reliance Industries, ICICI Bank, L&T, Bharti Airtel, Tata Steel and Rel Comm spearheaded this.

Sectors that helped markets to bounce back were metal which contributed about 20. Capital goods oil&gas and telecom spaces, which outperformed during the recovery process and provided support level for markets to bounce back. 

Ome significant contributors were Reliance Industries, which contributed more than 15%, followed by ICICI bank and L&T, which contributed around 9%. Bharti Airtel, Tata Steel, Bhel contributed to 5-6%. R Com, ITC, HDFC Infosys all these stocks contributed to provide support at the base level at 4%. The other stocks who rallied were NTPC, ONGC, SBI, Maruti, M&M, Satyam.