The Hindu : Business : Sensex recovers from early lows

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Sensex recovers from early lows

Asian stocks tumble on hefty losses on the Wall Street

MUMBAI: Led by Reliance Industries, the Bombay Stock Exchange benchmark Sensex on Friday beat other Asian markets to close higher by more than 40 points after recovering the sharp losses it suffered in early trade.

Barring the BSE Sensex, all other Asian stocks tumbled by more than five per cent on hefty losses on the Wall Street on Thursday following the rejection of Federal government’s multi-billion-dollar bailout package for troubled auto majors General Motors, Ford and Chrysler.

The 30-share barometer on the BSE netted a gain of 44.61 points at 9690.07, with RIL, which has the maximum weight in the Sensex, surging 3.76 per cent.

The index staged a dramatic recovery after hitting the intra-day low of 9281.89, weaker by over 363 points, by mid-session after data of abysmal show in industrial output was released.

While realty major DLF at 7.73 per cent was the biggest gainer among Sensex stocks, Reliance Infrastructure was the close second at 7.25 per cent.

IT stocks lost for the second straight day with TCS losing a hefty five per cent and Wipro closing down by 4.82 per cent. Marketmen attributed the sudden bout of buying in late afternoon trade, which helped the Sensex rebound, to short covering by investors to cover up their pending positions. — PTI

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