Similarly, Bayer India witnessed a huge deal of 1.02 lac shares traded on the `trade-to-trade' segment of the NSE at Rs 1,530. On the normal segment of the exchange the stock closed at Rs 1,725 registering a gain of 3.88 per cent.

Besides pharma, another counter which registered phenomenal volumes in the negotiated segment was ITW Signode, which saw a single trade of 2.5 lakh shares transacted at Rs 66, while four other deals ranging between 10,000 shares to 30,000 shares traded in the band of Rs 64.50 to Rs 66.

Reflecting the change in mood after reports ofReliance denying any buy-back move and the subsequent deal with UTI, the BSE-30 share Sensitive index plunged below the crucial mark of 3,000 points to close at 2,976.12 points registering a net decline of 33 points.

On the other hand, Tata group stocks hogged the limelight on the local bourses. Tisco registered a phenomenal volume of 30.69 lac shares traded in the band of Rs 89-Rs 94. In the final countdown, the stock closed at Rs 92 registering a net gain of over two per cent.

On the negotiated segment of the BSE, the stock registered two cross deals of 10,000 shares each at a price of Rs 94.40 and Rs 87.10 respectively. Similarly, Telco also registered a smart recovery in terms of price and volumes. The stock closed at Rs 140.50 with a phenomenal volume of 34 lakh shares on the BSE.

According to market sources, institutional buying coupled with concentrated purchases by Tata Sons reflected on the price and volume jump. However, the buy orders made by Tata Sons could not be confirmed.

"Theundercurrent of the market continues to be buoyant," said a BSE broker. "History has proved that in a bull run when institutional participants press sales the market fails to react negatively," he added.

Market sources also hinted that the Tata stocks have been rising in the midst of fresh purchases made by the UTI. The institution has adopted the strategy of booking profits at the high priced counters like ITC, Hindustan Lever, VSNL and Ranbaxy and picking up low priced stocks with attractive valuations.

A section of the market also believes that UTI like other fund managers has started identifying commodity sector counters which will move around with the recovery in the economy.

FIIs were also rumoured to have bought at the counters of ICI, Indian Aluminium, Bhel and Tata Infotech. FIIs were reported to have bought stocks worth Rs 28 crore on the BSE, while on the NSE they were net sellers to the tune of Rs 2 crore. Domestic institutions were also net buyers on the BSE to the tune of Rs 17crore.