MUMBAI: The stock markets, jolted by the sudden upsurge of the Congress in the early hours of the counting of votes, took a tumble of nearly 230 points at one point this morning but rallied to 5421.23 points at the time of writing.

The market, which opened at 5234.51 points, 124 points down from yesterday's closing, recovered on speculations that the country would now see a stable government, but it is the Congress' possible alliances that are being keenly watched.

TV 18, Sri Adhikari Brothers and Zee Telefilms were among the media stocks which suffered in the first half of the session, but some made speedy recovery. ZTL fell from Rs 128 to Rs 124.50, but TV 18 which fell from Rs 209.20 to Rs 202.55 rose to Rs 213.85 by the end of the pre-noon trading.