The markets bounced back smartly this week on the back of short covering and the Home Minister's statement on the divestment process. The Nifty ended up 84.45 points or 1.8% at 4796.15, after swinging 300 points during the week. The Sensex ended at 16,158.28, up 262 points, or 1.65%, after witnessing a swing of 950 points during the week.

Telecom stocks like Bharti Airtel and Reliance Communications gained 9.5% while Reliance Communications is up 1.3%, respectively. However, Idea Cellular fell 3.2% and Tata Communications was down 6.5%.

Among largecaps, GAIL, Ranbaxy, Unitech and Reliance Capital surged 5-6% while Ambuja Cements, ACC and HUL declined 4-6%.

Metal stocks were in the limelight this week. The BSE Metal Index surged 4%. Tata Steel was up 6%, Nalco 5%, and Sterlite 4.2%.

The BSE Bankex rose 3.8%, as ICICI Bank was up 7.5%, PNB up 4.2% and Axis Bank up 3.5%.

The Auto Index gained 3.35%. M&M rose 5.3% and Maruti was up 4.7%.

Among the broader indices, the Nifty Junior Index was up 4.3%. The CNX Midcap Index was up 3.8% and BSE Small Cap Index up 1.6%.

In the midcap space, Jet Airways shot up 22% and Kingfisher Airlines up 10.8% on the sources based news that Cabinet Secretary would review FDI norm in aviation on November 17.

IFCI rose 15% as sources said the government was looking at various options to exit IFCI. Patni Computer was up 12.5% on the buzz that L&T Infotech may buy the company.

RNRL, HDIL, Ashok Leyland, Shree Renuka, RCF and Torrent Power were up 14-21%.

In the Indiabulls group, Indiabulls Financial was down 19%, Indiabulls Power down 11% and Indiabulls Securities down 8.5%.