Indian stock market stages early recoveryMarch 11th, 2008 - 12:52 pm ICT by admin
Mumbai, March 11 (IANS) India’s main stock market staged a recovery in the first hour of trading Tuesday, after opening below Monday’s close of 15,923.72. The recovery bucked the global trend, where the New York stock exchange closed Monday at its lowest level since 2006. The 30-share benchmark sensitive index of the Bombay Stock Exchange opened Tuesday with a loss at 15,778.27 points, 145.45 below its Monday close. But an hour after the start of trading, the Sensex had moved up to 15,998.06 points, 74.34 above Monday’s closing mark.
At the same time, the S&P Nifty of the National Stock Exchange had also reached 4,821.50 points, marginally above its Monday’s 4,800.40 close.
In the first few minutes of trading, the market breadth had been weak with low volumes. In the initial trade 375 scrips advanced, 533 declined and 23 remained unchanged.
Other Asian markets were trading lower Tuesday, after Wall Street fell to its lowest level since 2006 at close Monday. The Dow Jones industrial average plunged 153.54 points, or 1.29 percent. The Standard & Poor’s 500 index was down 20 points or 1.55 percent to 1,273.37, while the Nasdaq composite index declined 43.15 points, or 1.95 percent to 2,169.34.
ICICI Bank, Kotak Mahindra Bank, Reliance Energy, L&T, Hero Honda, Sun Pharma, HDFC Bank,and Infosys were among the losers in the early morning trade here.