Sensex recovers early sharp losses
In a roller-coaster ride during the week under review, some positive developments at the fag-end of the week helped the benchmark Sensex to rebound from early sharp losses, ending with a gain of over 41 points.business Updated: Sep 20, 2008 14:49 IST
In a roller-coaster ride during the week under review, some positive developments at the fag-end of the week helped the benchmark Sensex to rebound from early sharp losses, ending with a gain of over 41 points.
Steps taken by US policymakers and other top central banks globally to pump billions of dollars to revive the scary financial system and positive statements by the local government, assisted the Sensex to recover from a nine-week low of 12,558.14 points to close the week above the 14K-level.
Marketmen said morale-boosting signals from New Delhi after a Cabinet meeting, chaired by Prime Minister Manmohan Singh, also boosted investor sentiment.
The PM's caution came during the Cabinet Committee on Economic Affairs meeting after Finance Minister P Chidambaram briefed about the financial crisis in US while stating the Indian economy was not affected by the developments.
Tracking global trends which rallied after regulators in the UK and US halted short-selling in financial stocks on late Thursday, boosted the badly battered investors' confidence which had touched rock bottom after the collapse of investment bank Lehman Brothers and distress sale of Merrill Lynch.
In the week to September 20, the Bombay Stock Exchange 30-share barometer recovered its early losses sharply to end the week at 14,042.32 points, a mere rise of 41.51 points or 0.30 per cent over the previous weekeent to close the week at 4,245.25 points from the last weekend close.