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Sensex recovers from early losses

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Buying is aided by ‘impressive’ earnings of Tata Steel

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Friday greatly reduced the losses it posted after economic growth shrank to 5.3 per cent in the third quarter but failed to close in the positive terrain as it closed lower by over 60 points.

Domestic funds taking cues of advances in other Asian markets resorted to hectic buying towards the fag-end of trading helping the barometer recover most of the losses. Foreign institutional investors (FIIs), the main force behind market movements, however, continued their selling-spree.

The buying support was also aided by impressive earnings registered by Tata Steel.

Investors’ concerns about global economic downturn impacting Indian economy were heightened by lower than anticipated growth, they added.

Indian economy has clocked the slowest quarterly growth in over five years at 5.3 per cent in the October-December period.

Rupee crosses 51-mark

Sliding for the fifth day in a row, the rupee breached the 51-mark on Friday and closed at 51.14 against 50.47 on Thursday. The rupee lost 67 paise on sustained demand for the dollar from foreign banks and oil importers amid weak stock markets. The rupee resumed weak at 50.65/67 and dropped further to close at 51.12/14. — PTI


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