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Stocks recover despite weak global cues

The Sensex opens weak at 18,794.63 and later dips to a low of 18.635.68 in the initial ten minutes of trade, losing 178.39 points.
Agencies | By HT Correspondent
UPDATED ON OCT 12, 2007 07:01 PM IST

The stock markets bounced from their early lows and were quoted in the positive territory in late morning trade despite profit booking by traders and weak global cues.

The BSE 30-share Sensex opened weak at 18,794.63 and later dipped to a low of 18.635.68 in the initial ten minutes of trade, losing 178.39 points from previous close of 18,814.07.

Later, it recovered smartly on sustained FII inflows and was quoted at 18,817.71 at 10.30 am.

Attributing heavy profit sales to week-end considerations as well as Infosys' lower guidance, market players said retail investors continued to book profits at higher levels along with domestic institutions, which have been selling continuously.

FII inflows, however, continued to be impressive. Foreign funds were seen making selective purchases during morning trade, they added.

The BSE barometer has gained 1,322.68 points in the last three-day bull run.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) was quoted up by 17.85 points at 5,542.70 at 10.30 am from yesterday's close of 5,524.85.

In Asian markets, Shanghai Composite and Hang Seng were down by more than 2 per cent while Taiwan, Nikkei and others were quoted lower in a range of 0.5 to 1.5 per cent during morning trade.

According to provisional numbers, FIIs were net buyers to the tune of Rs 795 crore but Domestic Financial Institutions remained sellers with net a sale of Rs 420 crore on October 11.

IT shares bore the brunt of sustained selling pressure. The BSE IT index fell 1.46 per cent.

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