The BSE Sensex, on Wednesday (June 2), bounced back to 13,000 due to strong buying activity seen across Realty, Banking, Metal, IT and Power stocks.

Even Nifty also traded above 4,000 levels.

The 30-share index Sensex ended with a gain of 702.94 points at 13,664.62 after touching an intraday high of 13,712.31 and a low of 12,822.75. The broad-based NSE Nifty gained 196.60 points at 4,093.35 after hitting a high of 4,107.15 and a low of 3,848.25.

DLF, ONGC, HDFC, Satyam, Reliance Infra, Jaiprakash Associates and M&M were the major contributors.

Asian stocks closed negative today (July 2), led by shipping and airlines companies as oil climbed to USD 141 a barrel today.

Stock market analyst Vishwas Agarwal said, “As per the expectations, due to heavy short covering after the political crisis relief on Wednesday, market shot up with volume in every sector.”

“Due to little volatility market will go up with Nifty at minimum of 4,250 level. However, I believe July F & O is a month to make bucks only for smart players,” Mr. Agarwal added.

He also said that BSE 13,786 is the initial barrier and 14,350 is the other one, but in general there are lots of trading opportunities during the existing month (July) as it is a quarter result announcement month.