What a trading day it has been today!

The Sensex moved close to 850 points intraday in a session that will be regarded as one of the most volatile ones. Volumes in some counters were mind boggling. Tata Steel, which has been seeing some high volumes of late clocked volumes of Rs. 688 cr on the NSE, and Rs. 244 cr on the BSE. Other counters such as ICICI Bank and RIL had good volumes as well.

The Indian markets recovered after the European markets did not open very much in the red. A stable opening in Europe saw the Sensex and Nifty recover in top speed. At one time, the Sensex was down some 644 pts. It closed down 222 pts. in one of the most welcome relief rallies during the later part of the day.

Have a look at the intraday chart of the Sensex.



Tata Steel bounced back with tremendous volumes- was it short covering or delivery based buying, we will know later when the delivery ratios would be out at night. Nonetheless, today's trade brought back the memories of year 2008.

There were news that Dubai wanted creditors of Dubai World and property group Nakheel to agree a debt standstill as it restructures Dubai World. Dubai World's debt burden stands at $59 billion of the total $80 billion debt of the state. This rattled most equity markets over the world. Realty stocks, construction majors and banks faced most of the heat.

Gainers in todays trade include Tata Steel, who bounced back spectacularly, Suzlon Energy, Tata Comm, BEL and Ranbaxy amongst others.