Sensex up 111 points amid firm global cues
The Bombay Stock Exchange benchmark Sensex recovered nearly 336 points in early trade on Tuesaday on revival of buying at the existing lower levels.business Updated: Feb 12, 2008 11:24 IST
In a volatile trade, the Bombay Stock Exchange benchmark Sensex on Tuesday gave up part of initial gains and was quoted 111 points up at 16,742.02 at 1030 hours, amid firm global cues and negative FII activity.
Asian markets rallied smartly in morning trade following a bounce on Wall Street on Monday that failed to dispel fears about a US recession.
Touching a high of 16,966.72, the BSE barometer moved erratically in a 375-point range and was quoted at 16,742.02 at 10.30 is, a gain of 111.11 points from previous close of 16,630.91.
The broader S&P CNX Nifty of the National Stock Exchange also recovered by 21.15 points to 4,878.15 at 10.30 am from last close of 4,857.
The key market driver, Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 1,268.67 crore in equity on February 11, as per provisional data.
FII numbers were the main cause of concern for investors, with bears taking a top position in the market, brokers said.
Analysts saw an uncertain outlook for the near-term in the light of continued worries about a likely recession in the US, which will lead to a global slowdown.
After an initial rally of 336 points, the Sensex reacted negatively on fresh selling from nervous investors.