Markets recover early losses, Sensex up 19 pts
The 30-share index of the Bombay Stock Exchange later recovered smartly and was quoted at 14,262.89, a rise of 19.16 points from its previous close.business Updated: Aug 22, 2008 11:03 IST
Mumbai, Aug 22 (PTI)
The stock markets recovered early losses and traded in the green in late morning trade today with the benchmark Sensex gaining 19 points amid mixed trend in Asian markets and a fresh rise in inflation.
After touching a low of 14,136.86, the 30-share index of the Bombay Stock Exchange later recovered smartly and was quoted at 14,262.89, a rise of 19.16 points from its previous close.
The 50-share Nifty of the National Stock Exchange, however, eased by 6.15 points to 4,277.70 at 1015 hrs from its last close.
Marketmen said bank and metal shares attracted good buying interest despite fears that the central bank may further tighten the monetary measures after the inflation rose to a new 16-year high of 12.63 per cent for the week ended August 9, 2008.
They said a surge in global crude oil prices to $ 121 a barrel, however, caused concerns that it will further widen the trade deficit and in turn, have negative impact on the inflationary pressure.
Meanwhile, Foreign Institutional Investors were net sellers to the tune of Rs 545 crore in equity on August 21, as per the provisional data.