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Market cuts losses to 875 pts; finance minister lends support

Market cuts losses to 875 pts; finance minister lends support
PTI
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First Published: Tue, Jan 22 2008. 05 06 PM IST
Updated: Tue, Jan 22 2008. 05 06 PM IST
Closing
Mumbai: After what appeared like another day of mayhem, the Indian stock market restricted losses to 875.41 points as funds and investors returned to Dalal Street, lapping up fundamentally strong scrips available at lower levels.
The 30-share Sensex, which tumbled nearly 2,273 points causing trade to be suspended for an hour, ended at 16,729.94, after touching the day’s low of 15,332.42 points. The index had tanked 1,408 points Monday on fears of a possible recession in the US.
Finance Minister P. Chidambaram’s statement on the economy’s health appears to have had a positive impact on investor sentiment.
The National Stock Exchange index Nifty ended the day with a loss of 309.50 points at 4899.30. It had touched the day’s low 4448.50 and a high of 5230.35 points depicting the volatile trend of the markets.
Market men said tumbling commodities prices and a drop in Asian markets added to the concern that world economic growth is faltering.
“We had anticipated that markets will open today on a downward note and may hit the circuit breaker,” Chidambaram said in New Delhi after exchange authorities suspended trading due to a fall in stock prices minutes after the bourse opened.
The circuit breaker is activated when the market moves 10%, either up or down.
“I am assured by RBI and all the banks that enough liquidity will be provided to brokers and market players. Liquidity will not be an issue,” Chidambaram said.
The Sensex has now slumped more than 25% from its closing peak on 8 January, joining benchmarks in Asia and Europe into a bear market and extending a global selling.
Pre-Close
Mumbai: Sensex curtailed losses to just over 653 points in pre-close trading, as Finance Minister P Chidambaram’s statement on the economy’s health appeared to have had a positive impact on investor sentiment.
The 30-share Sensex, which plunged by 1,408 points yesterday due to fears of a recession in the US, further tumbled by 2029 points at open today prompting suspension of trade for one hour.
It, however, recovered in fag-end trading to reduce the losses to 653.13 points at 16,952.22 at 1515 hrs.
Market men said tumbling commodities prices and a drop in Asian markets added to the concern that world economic growth is faltering.
After the exchange authorities suspended trading, Finance Minister P Chidambaram asked investors to “stay calm.” The Sensex has now slumped more than 25% from its closing peak on 8 January, joining benchmarks in Asia and Europe into a bear market and extending a global selling.
The Bombay and National stock exchanges halted trading for an hour for the first time since 17 October, when proposals to curb offshore derivatives triggered a slump in markets that ended 8-straight weeks of gains by the Sensex.
Afternoon Recovery
Mumbai: After plunging into deep red markets saw considerable recovery early afternoon today.
Sensex was trading well above the 16k-mark at 16,631.29, down 974 points at 1300 hours.
The broad-based Nifty was at 4,877.55, down 331.25 points at 1300 hours.
Afternoon
Mumbai: The Bombay Stock Exchange benchmark Sensex was lower by 1,917 points at noon with all stocks trading deep in the red.
The Sensex fell by 1916.67 points at 15,688.68 at 1215 hrs as funds undertook heavy selling, creating panic in the market for the seventh straight session.
The 30-share barometer had hit the lower level circuit limit to fall to 15,576.30 within minutes of start of session, leading to suspension of trading for an hour.
The National Stock Exchange Nifty was lower by 584.50 points at 4,624.30.
Late Morning
Mumbai: Markets recorded fresh decline after initial recovery at forenoon today. Nifty slipped below the 4500-mark.
Sensex was trading at 15,418.13, down 2,187.22 points, Nifty at 4,477.71, down 731.70 pointas at 1152 hours today.
Re-opening
Mumbai: Markets saw considerable recovery after an hour-long halt. Sensex was down 6.93%, trading at 16,385.67, with a fall of 1,219.68 points at 1100 hours.
Opening
Mumbai: Trading was suspended for one hour at the Bombay Stock Exchange after the benchmark Sensex fell to the low of 15,576.30 within minutes of opening, crossing the circuit limit of 10%.
Yesterday, the 30-share barometer tumbled by 1,408 points on concerns regarding the US economy going into recession.
The market opened at 16,884.09 points. At the time suspension, the Sensex was quoted at 15,576.30 points, plunging 11.53% from yesterday’s close.
Similar trend was witnessed at the National Stock Exchange, whose barometer Nifty opened at 5,203.35, and later spiralled downward to a low of 4,569.50, a slide of 12.1%. It was last trading at 4,578.35 points.
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First Published: Tue, Jan 22 2008. 05 06 PM IST
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