Sensex recovers after intra-day sell-off
By IANSWednesday, January 12, 2011
MUMBAI - A benchmark index of Indian stocks market rebounded after government figures showed Wednesday that industrial output had fallen to an 18-month low.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,353.34 points, was ruling at 19,359.78 points - up 163.44 points or 0.85 percent from its previous close at 19,196.34 points.
It slipped into the red, touching the intra-day low at 19,048.56 points, after government figures showed that industrial production grew at a slow 2.7 percent in November.
The 50-scrip S&P CNX Nifty of the National Stock Exchange too crept into the green, trading 55.75 points or 0.97 percent higher at 5,809.85 points.
Broader markets were ruling dull, with the BSE midcap index 0.38 percent up and the BSE small cap index trading 0.2 percent up.
Capital goods, healthcare and PSU stocks were in the red, while consumer durables, IT and telecom stocks saw buying.
The market breadth was negative, with 1,217 stocks advancing compared to 1,556 scrips on the decline, while 107 stocks remained unchanged.
Among gainers on the Sensex were TCS, Tata Motors, Sterlite Industries and Bharti Airtel, while the losers included L&T, Bajaj Auto, Cipla and Tata Power.
Asian stock markets nudged higher, although traders were cautious about the European debt crisis. Sentiments were helped by Japans announcement that it will buy bonds from a eurozone rescue fund to help finance Irelands bailout.
The Chinese Shanghai Composite index moved up 0.62 percent at 2,821.31 points, while Hong Kong’s Hang Seng was ruling 1.48 percent higher at 24,111.06 points.
The Japanese Nikkei closed flat at 10,512.8 points.
