Sensex pares intra-day losses (Second Lead)

August 8th, 2011 - 4:23 pm ICT by IANS  

Pranab Mukherjee Mumbai, Aug 8 (IANS) A benchmark for the Indian equities markets Monday crawled up, recouping some of its intra-day losses as traders shopped for bargains, picking up stocks which had been battered over the US sovereign debt rating downgrade.

The 30-scrip sensitive index of the Bombay Stock Exchange (BSE), which had fallen to an intra-day low of 16,759.45 points, climbed to 17,247.87 points around 1 p.m.

About an hour before closing bell, it had slipped to rule at 17,092.11 points, down 213.76 points or 1.24 percent from its previous close at 17,305.87 points.

The Nifty of the National Stock Exchange (NSE), too followed a similar pattern and was ruling at 5,155.7 points, down 55.55 points or 1.07 percent.

The market breadth at the BSE was expectedly negative, with 672 stocks advancing, 2,110 scrips on the decline and 73 remaining unchanged.

Policymakers, on the other hand, have been assuring domestic and global investors that India would continue to grow as its fundamentals were strong and it still relied to a large extent on domestic demand.

“As India’s growth story is strong we could see foreign institutional investors seeing India as an attractive investment destination even if there is any temporary outflow,” said Finance Minister Pranab Mukherjee.

Other Asian markets closed in the red, losing heavily for the second consecutive trading session.

Japanese Nikkei closed 2.18 percent down, the Chinese Shanghai Composite shed 3.79 percent, while Hong Kong’s Hang Seng fell 2.17 percent.

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