The Sensex opened with a positive gap of 58 points at 11,880.
Unabated buying in Reliance, ONGC and metal stocks saw the index rally to a new all-time intra-day high of 11,986 - just 14 points short of 12K - up 164 points from its previous close.
A sudden bout of heavy selling in the mid-noon deals saw the index plunge into the negative zone to a low of 11,800 - down 186 points from the peak.
However, renewed buying interest towards the close saw the Sensex bounce back into the positive zone and finish with a smart gain of 74 points at 11,896.
The Nifty gained 18 points to close at 3,536.
The index has gained nearly 6% (659 points) in the last three trading days.
Grasim surged 4% to Rs 2,331. ACC rallied 3.5% to Rs 968, and Gujarat Ambuja moved up nearly 2% to Rs 118.
Tata Steel surged 3.3% to Rs 609. Hindalco was up 2.2% at Rs 204.
Reliance advanced 3.3% to Rs 921. NTPC moved up 2.3% to Rs 143, and ONGC gained 1.6% at Rs 1,328.
Ranbaxy spurted over 3% to Rs 481. BHEL added 2.4% to Rs 2,339.
Bharti Tele and HDFC also ended with smart gains at Rs 413 and Rs 1,301, respectively.
Technology stock witnessed profit-taking today. Wipro dropped 1.8% to Rs 560. Infosys slipped 1.6% to Rs 3,282, and Satyam was down 1% at Rs 853.
Bajaj Auto declined nearly 2% to Rs 2,949. Tata Motors and Maruti were down nearly 1% each at Rs 924 and Rs 874, respectively.
Cipla (Rs 671), Dr.Reddy's (Rs 1,495), Tata Power (Rs 583) and HLL (Rs 277) slipped 1% each.
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