BUSINESS

Early gains not held on BSE

MUMBAI: A recovery in Asian markets after an overnight meltdown notwithstanding, the benchmark Sensex remained under pressure and surrendered major part of early gains, but managed to end in the positive terrain.

The Sensex opened substantially higher on Thursday at 12655.94 against Wednesday's close of 12529.62 and rallied further to a high of 12789.81on firm global cues, a smart rise of over 260 points, in morning trade.

However, higher levels attracted profit-booking, expecting possibility that U.S. recession could affect world markets.

The key barometer then dropped to close at 12543.85, a modest recovery of 14.23 points or 0.11 per cent.

On Wednesday, the Sensex had fallen by 453.36 points. The S&P CNX Nifty also edged up by 2.50 points or 0.07 per cent to end at 3643.60 from 3638.50. IT and metal counters were in limelight and helped the Sensex to close in green while banking and auto shares bore the brunt of heavy selling, cutting early sharp gains.

Meanwhile, in Asia, the Hang Seng finished up 132.51 points, the Nikkei-225 by 183.50 points, Strait Times by 41.39 points, Kospi by 19.56 points and Taiwan's weighted index by 125.69 points.

Reflecting rally in IT and metal segment, the sectorial BSE-IT index spurted by 90.70 points. PTI