Sensex recovers, still 159 points down (Roundup)

MUMBAI - Helped by strong results by Larsen and Toubro and steady European markets, a benchmark index for Indian equities Monday pulled back from intra-day lows to shut shop 159 points in the red.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, closed at 16,835.56 points, 159.04 points or 0.94 percent down from its previous close at 16,994.6 points.

The BSE had touched an intra-day low of 16,551 points around noon.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,059.9 points, down 0.66 percent from its previous close. At one point, it had touched a low of 4,966.25 points.

Broader markets too saw some buying with the BSE midcap index closing 0.21 percent lower, up from its intra-day lows and the BSE smallcap index 0.68 percent down.

Oil and gas, IT, auto and telecom scrips were the losers, while capital goods and healthcare firms saw some gains.

Engineering and construction major Larsen & Toubro said its net profit grew by 44 percent to Rs.1,438.10 crore for January-March quarter of 2009-10 from Rs.998.52 crore in the same period a year ago. The stock soared on the news to end the day 4.97 percent up at Rs.1,605.55.

Some of the other gainers on the 30-scrip Sensex were Hindustan Unilever, up 2.52 percent at Rs.239.65; SBI, up 1.3 percent at Rs.2,251.45; and Bharti Airtel, up 0.79 percent at Rs.266.55.

Prominent losers included DLF, down 3.95 percent at Rs.286.95; ACC, down 3.31 percent at Rs.862.90; Wipro, down 3.3 percent at Rs.645.30; and Tata Motors, down 3.29 percent at Rs.788.95.

According to data with the Securities and Exchange Board of India (SEBI), foreign institutional investors were net sellers Monday, having sold scrips worth $45.44 million.

Asian markets experienced a major sell-off with investors wary of the fallout of the European financial crisis.

Hong Kong’s Hang Seng shut shop 2.14 percent lower at 19,715.2 points, while the Chinese Shanghai Composite index lost a whopping 5.07 percent to rule at 2,559.93 points.

The Japanese Nikkei ended 2.17 percent down at 10,235.76 points. The South Korean Kospi closed 2.6 percent lower at 1,651.51 points.

European shares started trade with a wobble but later steadied (at the time of closing bell here) backed by gains in some heavyweight scrips.

News that oil and gas major BP was making progress in containing the oil spill in the Gulf of Mexico helped Britain’s key index FTSE 100 to move up to rule 0.86 percent up at 5,308.21 points.

The French CAC 40 too was trading 0.68 percent higher at 3,584.73 points and the German DAX was at 6,139.08 points, up 1.36 percent.