Interestingly, the advances declines ratio was poised in favour of the advances indicative of a correction on the downside. The ratio of advances against declines on the Bombay Stock Exchange was pegged at 618:543, while on the National Stock Exchange it was 585:326.

According to market sources, FIIs like HSBC Broking, Capital International, DSP Merill Lynch and Morgan Stanley broking made their presence felt at the markets. On the the Bombay Stock Exchange , foreigninstitutions were net buyers to the tune of Rs 39 crore, while on the National Stock Exchange it was marked at Rs 13 crore. Domestic institutions, however, continued to be net sellers on both the local bourses.

It is learnt that FII purchases were pegged at the counters of Satyam Computers, Telco and Raymonds. Satyam Computers contributed a phenomenal turnover of over Rs 500 crore on the local bourses. The stock shot up by 3.91 per cnet to close at Rs 600.50 on the NSE, while on the BSE it closed at the day's high of Rs 599.

Among the index based counters, HDFC registered three cross deals, transacted by DSP Merill Lynch on the BSE.

The deals of 17,000 shares, 12,390 shares and 8,610 shares was reported at the market price of Rs 2,300. On the normal segment, the stock closed at Rs 2,233, registering a net gain of 1.96.

Institutional buying helped Telco breach the crucial limit of Rs 140 to close at Rs 145.90 registering a net gain of 5.50 per cent. The stock also witnessed a cross deal of 25,000 atRs 142. According to market sources, Morgan Stanley broking was reported to have picked over 6 lakh shares of Telco at the day's lower levels of Rs 136.

Pharma stocks also contributed to the recovery on the local bourses. While Emerck shot up by 5 per cent to close at Rs 376, German Remedies was up by 2.65 per cent to close at Rs 600.90, and Fulford closed at Rs 396 registering a net gain of 3.66. Among the auto stocks Ashok Leyland was locked at the upper end of the price band at Rs 33.60.