Bajaj Auto and MTNL were star performers amongst the Sensex scrips. The Bajaj Auto scrip gained a whopping 7.97 per cent to close at Rs 609.50. Apart from high volume buying at the low level of Rs 500-Rs 528 a few weeks earlier, the scrip has been cutting a weak profile since the beginning of June. This is the first time punters have reaffirmed their confidence in the scrip at above Rs 570. Volumes surged to Rs 18.38 crore at the BSE compared to Rs 4.95 crore the previous day. Quite likely the quarterly results expected to be announced, according to reports, onJuly 27 could have acted as the trigger.

The other star performer MTNL leapt 7.97 per cent to Rs 186, and in the process has logged a volume of Rs 26 crore in the last two days. I read this as the first signal of affirmation of investor's faith in MTNL, especially after the recent knocks the scrip has taken regarding its fund raising and expansion plans.

Enthusing as these gains are, the continued slip of HPCL comes as rather a surprise. To a lesser degree there was disappointment in the counters of Larsen and Toubro and Mahindra and Mahindra. The generally bullish sentiment at last infected Gujarat Ambuja which managed to touch an intra day high of Rs 244 and closed at Rs 240.50.

The outlook for the market on Thursday appears bright judging by the behaviour of several scrips in the Sensex pattern. True, some of them have lost marginally in terms of closing price, but that looks like a case of inter-day happening. It looks like one more day of promise ahead!