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Market overcomes early pressure, ends 252 pts up

The stock market on Friday bounces from early lows to end 252 points higher in extremely volatile trade.

business Updated: Nov 02, 2007 17:19 IST

Showing greater resilience, the stock market on Friday bounced from early lows to end 252 points higher in extremely volatile trade amid a global meltdown triggered by fresh credit market jitters.

Reacting negatively to weak global cues, the Bombay Stock Exchange (BSE) 30-share Sensex tumbled by about 469 points to a low of 19,255.77 in the initial five minutes of trading.

The market, however, staged a sharp recovery on the back of hectic short covering at lower levels driving Sensex closer to the psychologically important 20K level.

Finally, the BSE barometer touched a high of 20,025.63 before ending the day at 19,976.23, a net rise of 251.88 points or 1.28 per cent over Thursday's close of 19,724.35.

With this, the market has made four failed attempts to close above the 20K mark in the week, having crossed the crucial level during four trading sessions.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) also gained 65.95 points or 1.12 per cent to close at 5,932.40 from the previous close of 5,866.45.

Foreign Institutional Investors (FIIs) and local players made heavy purchases in the last 30 minutes of trading, brokers said, partly attributing the turnaround to low inflation, which dipped to five-year low of 3.02 per cent for the week ended October 20.

The Dow Jones Industrial Average and the Nasdaq Composite Index on Thursday plunged by 2.6 per cent and 2.25 per cent due to fresh fears of more credit crisis fallout, sparking off a global meltdown.

Asian Indices were down in a range of 2.0 per cent to 3.5 per cent at close.