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After mayhem, Sensex recovers

The BSE Sensex hit a low of 10,740.76 points before a smart recovery saw it close with a loss of 367 points at 11,328. The Sensex last traded below 11,000-point mark in 2006.

business Updated: Oct 08, 2008 21:26 IST
BS Srinivasalu Reddy

In a volatile market, driven by looming fears of global recession, the BSE Sensex on Wednesday hit a low of 10,740.76 points before a smart recovery saw it close with a loss of 367 points at 11,328. The Sensex last traded below 11,000-point mark in 2006.

The Sensex vacillated 664.97 points between 11,405 points and 10,740 points. At the day’s low of 10,740.76 points, it was trading at a loss of 954 points for a few minutes.

“Tomorrow being a holiday on account of Dusshera, many were seen selling their stocks (to avoid unknown risks). Some brokers were also said to have unwound client positions against margin requirements,” said a dealer of a broking company.

“India’s macro economic story is in tact,” said Sameer Koticha, director ASK Group. “The present sentiment is driven by global concerns.”

The 13 sectoral indices on BSE ended in losses. Consumer durables and fast moving consumer goods slid 6.75 per cent and 5.18 per cent, respectively.

The day’s trading was suspended in Indonesia after the stocks fell 10 per cent, while the Moscow stock exchange was closed till Friday owing to high volatility.