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Markets pare losses by close

Markets pare losses by close
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First Published: Tue, Sep 16 2008. 05 17 PM IST
Updated: Tue, Sep 16 2008. 05 17 PM IST
Livemint.com
New Delhi: The markets wiped out most of their losses by close with the BSE benchmark index settling at 13,519 levels, down 12 points.
The Sensex had slipped to 13,051 in intra-day deals after a sell-off by foreign funds following the collapse of US investment bank Lehman Brothers led to turmoil in global stock markets.
A depreciating rupee also impacted sentiment, dealers said. The broader-based Nifty closed flat at 4,075 levels.
The recovery based on bargain hunting and short covering towards the fag end of the trading session was led by oil and gas counters with the BSE oil and gas index surging 1.5%.
Indian PSU oil refining and marketing companies – BPCL, HPCL and IOC registered strong gains on the back of easing crude oil prices that dropped $3 a barrel in Asian trade on Tuesday. Reliance Industries moved up 2.5% or Rs47 and was among the top gainers in the pack.
Most banking counters rebounded from their intra-day lows with State Bank of India logging gains of over 7% or Rs109 by close. Allahabad Bank, Axis Bank, Bank of Baroda, HDFC Bank, Karnataka Bank and Yes Bank were some of the other key gainers.
However, realty counters witnessed heavy sell-off. Anant Raj Industries (down 15%), Sobha Developers (7.3%), Indiabulls Real Estate (6.5%), Mahindra Life (5.4%) and Peninsula Land (4.6%) lost ground.
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First Published: Tue, Sep 16 2008. 05 17 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |