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Market rebounds from early lows, still down 209 pts

Market rebounds from early lows, still down 209 pts
PTI
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First Published: Mon, Jan 28 2008. 05 20 PM IST
Updated: Mon, Jan 28 2008. 05 20 PM IST
Mumbai: A late recovery in auto and bank shares on Monday helped the Bombay Stock Exchange 30-share index rebound from early lows, but still ended down 209 points as market continued to confuse investors with its unpredictable movements.
Bank stocks came of initial lower levels on reports that a surprised rate cut by the US Federal Reserve last week has increased possibility of a repo rate cut by the Reserve Bank of India in its quarterly review of monetary policy to be released on Tuesday.
The late bounce aided the BSE barometer recover by more than 700 points from its intra-day low of 17,443.29.
The Sensex ended the day at 18,152.78, a fall of 208.88 points, or 1.14%, from Friday’s close of 18,361.66.
A smart rise in REL, Maruti Suzuki, HDFC, Bajaj Auto and ICICI Bank also mitigated the Sensex’s losses.
The broader S&P CNX Nifty of the National Stock Exchange also closed 109.25 points, or 2.03%, lower at 5,274.10 from previous close of 5,383.35.
Technical analysts termed the fall as expected after the Sensex hit the major target at 18,270 in a more than 1,000 points upswing on Friday.
Attributing initial weakness to a sharp slide in global markets, brokers said positive FII activity after their long absence helped inject some confidence among local investors.
Asian indices ended sharply lower by about 3.0 to 7.0 per cent, also extending their losses for another day on Monday.
The rollover to February series was hit hard as operators preferred to lighten commitments rather than square off ahead of the expiry of derivatives current contract on Thursday.
Afternoon
The markets are trading in red on sustained selling pressure in scrips across sectors.
Realty, metal, oil & gas and power and capital goods index are the worst hit; the indices are down over 4%.
At 1136 hrs, the Sensex was down 742 points at 17,619, and the Nifty down 255 points at 5,127.
Opening
The Bombay Stock Exchange benchmark Sensex fell by 796 points in early trade on Monday following panic selling by market players on reports that Sebi might take fresh steps to curb volatility.
The 30-share index, Sensex, which had gained 1,140 points on Friday, tumbled by 795.50 points at 17,566.16 in the first five minutes of trade.
Similarly, the wide-based National stock Exchange index, Nifty also dropped by 253.95 points to 5,129.40 as all the heavy-weight stocks moved into red.
Selling pressure spread over a wide front, placing all the sectoral indices plunged 7-9% in early stage. (PTI)
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First Published: Mon, Jan 28 2008. 05 20 PM IST
More Topics: Sensex | Nifty | BSE | NSE | Shares |