SEBI Chairman C B Bhave's assurance that US financial crisis will not affect Indian markets helped stock markets recover part of their early losses with the Bombay Stock Exchange benchmark Sensex quoting 238 points below yesterday's level at 1115 hrs.
The 30-share index, was down by 238 points at 12357.75 after dipping to 12153.55 within minutes of opening following emergence of buying in heavy weight stocks such as ICICI Bank, SBI among others.
The National Stock Exchange benchmark Nifty was down by 59.05 at 3791 after losing 135 points in opening trade.
Shares of ICICI Bank were bank were in positive zone, gaining Rs 2.50 or 0.51 per cent to Rs 495.80 at 1115 hrs after Bank's CEO K V Kamath denied that any current market condition (of US) will not pose any challenge to the bank's capital position.
In the opening trade, the shares of the bank were trading down by nine per cent to Rs 458.