Midsession: Sensex recovers losses, still trades in red

Midsession: Sensex recovers losses, still trades in red
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First Published: Tue, Feb 24 2009. 02 34 PM IST
Updated: Tue, Feb 24 2009. 02 34 PM IST
New Delhi: The Bombay Stock Exchange benchmark index recovered from its days low but is still trading in red on Tuesday due to worries about global financial sector crisis.
Investors are worried about deepening recession across major economies and are hesitant for fresh buying as foreign investors continue to sell, adding pressure to the domestic index.
Metal stocks fell on worries of weakening domestic and global demand, realty slipped on concerns about falling property values and IT stocks dipped on fears of cut in amounts spent on technology. Worldwide banking stocks are under pressure with overnight fall in Wall Street and US bank nationalization worries.
BSE Sensex began the day 1.5% lower but at 1:30pm had made recovery at 8,761.56 or just 81.65 points down and NSE Nifty was down by 16.75 points at 2,719.70.
Major losers from the BSE Sensex pack are Tata Steel plunged 4.55% to Rs160.40 along with Housing Development Finance Corporation tumbled 3.82% to Rs1,302.00, Jaiprakash Associates fell by 3.28% to Rs64.80, Reliance Infra by 2.96% to Rs476.75, Sterlite Industries by 2.58% to Rs242.00, Wipro Ltd by 2.14% to Rs210.70, HDFC Bank by 1.72% to Rs852.00 and Reliance Industries Ltd by 1.47% to Rs1,235.15 among others.
Volatility is likely to remain high ahead of the expiry of Futures & Options (F&O) contracts for February 2009 series on Thursday, 26 February.
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First Published: Tue, Feb 24 2009. 02 34 PM IST
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