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Sensex rebounds after Chidambaram's assurance

The BSE Sensex recovered its early morning losses and was quoted 8.23 pts higher at 13,271.13 level at mid-session after FM said that PSU banks will not be affected by the US financial turmoil.

business Updated: Sep 18, 2008 14:23 IST

The BSE benchmark Sensex recovered its early morning losses and was quoted 8.23 points higher at 13,271.13 level at mid-session after Finance Minister P Chidambaram said that public sector banks will not be affected by the US financial turmoil as they are not exposed to it.

The 30-share index, which lost 704.76 points in opening trade, staged a comeback to quote in positive territory at 13,271.13 points at 1330 hrs, up by 8.23 points over the previous close of 13,262.90.

The wide-based National Stock Exchange index Nifty was also up 14.35 points at 4,023.60 after dipping to 3,799.55 in early trade.

Stock brokers attributed the midway partial recovery in shares, particularly banking stocks, to Chidambaram's statement that public sector banks are not exposed to the US financial crisis.

The banking index was back in the positive zone with a rise of 50.41 points at 6,643.37 as stocks of largest private lender ICICI Bank gained Rs 11.70 at Rs 572, State Bank of India by Rs 33.15 at Rs 1,561.80, Axis Bank by Rs 19.15 at Rs 686 and Kotak Bank by Rs 15.65 at Rs 569.

On the other side, Ranbaxy remained under selling pressure and lost Rs 31.30 at Rs 347.80, Bharti Airtel was down by Rs 45 at Rs 725 and Reliance Industries shed Rs 8.10 at Rs 1,865.50.