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Sensex recoups part of initial losses

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Ends lower by 49 points on weak Asian cues

MUMBAI: In a highly volatile trade, the Bombay Stock Exchange sensitive index, Sensex recovered from the initial sharp losses. However, it closed lower by 49.10 points at 17131.08 against 17180.18 due to profit-booking at higher levels triggered by a sharp fall in Chinese indices coupled with lower Asian and European advices.

The Shanghai Composite index fell by 3.45 per cent on concerns that the Chinese banks may sell more shares to replenish the capital depleted by the recent record loan growth.

The key benchmark indices in South Korea, Singapore, Indonesia, Hong Kong and Japan fell between 0.47 per cent and 1.53 per cent.

The European shares also fell in early trade with the key benchmark indices in France, Germany and Britain declining between 0.59 per cent and 0.81 per cent.

Profit-booking at higher levels in view of investors’ rolled over positions to the derivatives December series also affected market sentiment adversely.

The broader 50-share Nifty of the National Stock Exchange moved down by 13 points to close at 5090.55 points.

Among the sectoral indices, the BSE-Metal index fell by 0.81 per cent, the BSE-FMCG index by 0.92 per cent and the BSE-Oil & Gas slipped by 0.79 per cent. However, the BSE-Auto index shot up 1.45 per cent and the consumer durables index firmed up by 1.40 per cent.

The market breadth showed a mixed trend as 1,372 shares ended with gains while 1,370 ended with losses on BSE.

Further gain in rupee

The rupee continued its onward march against the dollar for the third day in a row on Tuesday and gained 10 paise to close at 46.37/38. It ended at 46.48 on Monday.

The rupee recovered from its initial losses against the U.S. currency on fresh selling by banks.

The rupee moved in a range of 46.36 and 46.64 intra-day. — PTI


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