Markets crash on opening, recover somewhat

September 18th, 2008 - 1:36 pm ICT by IANS  

SensexMumbai, Sep 18 (IANS) The global financial turmoil following the collapse of Lehman Bros saw Indian equities markets Thursday crashing on opening but recovering somewhat one hour into trading.There was widespread panic selling as markets opened but short covering by bears helped stocks to recover some of the initial losses.

In mid-morning, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) breached the 13,000 mark and was at 12,760, down 502.86 points or 3.79 percent over its previous close of 13,262.90 Wednesday.

The broader based 50-share S&P Nifty of the NSE also fell and was at 3,866.85, down 141.4 points or 3.53 percent against its previous close at 4,008.25 Wednesday.

The BSE opened with the Sensex crashing by more than 700 points but began to recover on short covering.

The S&P Nifty too opened nearly 200 points down but then began to recover on short covering.

The BSE mid cap index was at 4,910.44, down 229.19 or 4.46 percent against its previous close at 5,139.63 points.

The BSE small cap index was at 5,917.61, down 297.14 points or 4.78 percent over its previous close at 6,214.75.

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