Sensex recovers early losses, still down by 54 points
Sensex, which was down by 249 points in early morning trade, recovered later on good buying support from domestic funds at lower levels.business Updated: Jan 07, 2008 10:08 IST
Reflecting sluggish global trend, the BSE benchmark Sensex, which was down by 249 points in early morning trade, recovered later on good buying support from domestic funds at lower levels.
The Bombay Stock Exchange 30-share barometer was quoted at 20,632.50 at 1030 hrs, a fall of 54.39 points over last Friday's close of 20,686.89. It touched a low of 20,438.19 in early trade due to heavy selling on banking and IT counters.
25 points also quoted the broad-based S&P CNX Nifty of the National Stock Exchange lower at 6,249.30 at 1030 hrs.
A steep fall on Wall Street last weekend after data showed the weakest job creation since 2003 and a rise in unemployment rate to a two-year high, fuelling recession fears, weighed on the Asian bourses on Monday.
The Dow Jones Industrial Average tumbled 256.54 points and the Nasdaq composite shed 98.03 points last Friday.
Among the Asia markets today, the Nikkei was down by 1.02 per cent, the Hang Seng by 2.71 per cent, Straits Times by 2.42 per cent, Kospi by 3.66 per cent and Taiwan's Weighted Average by 1.96 per cent.
Dealers attributed recovery in share values to no major impact of the possibility of US recession on Indian economy, as it is mainly dependent on domestic demand, which is said to be still strong.
Announcement of Q3 results from the second week of the January also hold the key, they added.