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Sensex recovers initial losses partly

The benchmark Sensex recovers a major part of its initial losses, but was still in the negative terrain.

business Updated: Nov 15, 2007 12:10 IST

The benchmark Sensex recovered a major part of its initial losses, but was still in the negative terrain on selling at higher levels amid weak global cues.

The Bombay Stock Exchange (BSE) 30-share barometer fell to a low of 19,768.98 immediately after resumption of dealings, down by over 160 points over Wednesday's close of 19,929.06.

However, it recovered partly to 19,870.74 at 10.30 am, still showing a fall of 58.32 points.

The index had surged by a record 893.58 points or 4.69 per cent on Wednesday.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) was quoted at 5,948.20, a rise of 10.30 points over the previous close of 5,937.90.

Besides Nikkei, all other Asian indices were trading in the red this morning on the back of overnight fall on Wall Street.

Dealers attributed the loss on the Sensex to selling at higher levels and expected consolidation in a range of 18,000 and 21,000 level.

Foreign Institutional Investors (FIIs) bought shares worth Rs 163 crore (provisional) on November 14 and reportedly they were net sellers to the tune of Rs 1,951 crore during this month so far.

Bharti Airtel, Grasim, Hindalco, Maruti, NTPC, ONGC, REL, SBI, Tata Motors and Tata Steel were quoted firm, while RIL, BHEL, HDFC, HDFC Bank, ICICI Bank, Infosys Tech, Satyam Computer, TCS and Wipro showed losses.