Sensex recovers partly from initial losses

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Drops 39 points on host of investor concerns

The Bombay Stock Exchange sensitive index, Sensex, fell by 39 points to 19545 on Tuesday amid host of investor concerns over high inflation, interest rates and below-expected earnings by corporates in the fourth quarter of last fiscal.

Brokers said there was strong profit-booking initially, ahead of monthly settlement in the derivatives segment this week, as markets saw capital outflows amid ‘disappointing' fourth quarter corporate results. However, in volatile trading, investors later bought heavyweights at lower levels leading to sharp recovery after mid-session. The 30-share BSE barometer opened stable but fell to a low of 19306.92 on weak Asian cues. Later, it moved into the positive terrain touching a high of 19626.13 before concluding at 19545.35, down 38.96 points.

The NSE 50-share Nifty closed down by a mere 6.10 points at 5868.40. Asian stocks ended lower ahead of the U.S. consumer confidence data and U.S. Federal Reserve meeting on Wednesday. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan ended lower between 0.03 per cent and 1.17 per cent.

European markets, however, were trading higher in afternoon deals.

Rupee edges down

The rupee declined by another 3 paise on Tuesday to close at more-than a three-week low of 44.51/52 against the U.S. currency, due to sustained dollar demand amid fresh capital outflows and weak equities. It closed at 44.48/49 on Monday. — PTI



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