The Hindu : Business : Sensex recovers from early lows

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Friday, Nov 23, 2007
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Business

Sensex recovers from early lows

MUMBAI: The Bombay Stock Exchange continued its slide with the 30-share Sensex falling by another 76 points in choppy trading on Thursday as bears tightened their grip, taking advantage of increasing FII pullout and global weakness.

Global factors, including sky-high crude oil prices and a slowdown in the U.S. economy, continued to impact the Indian bourses negatively.

The market, however, showed resilience and bounced from its intra-day low of 18182.83 to close at 18526.32 on heavy purchases by domestic institutional investors (DIIs) after the mid-session.

Investors looked cautious and preferred to take profits after foreign institutional investors (FIIs) began unwinding their positions built up through participatory notes, market players said.

Finally, the BSE barometer closed the day at 18526.32 against Wednesday’s close of 18602.62, showing a net loss of 76.30 points.

Rupee drops 14 paise

Hardening crude oil prices on Thursday strengthened the U.S. currency in the foreign exchange market here, with the rupee closing down by 14 paise at Rs. 39.53/54 against the dollar.

The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 39.41 and for the single European unit at Rs. 58.56. — PTI

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