Sensex ends lower by 191.51 points

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Mumbai, Oct 27 (UNI) The Sensex of the Bombay Stock Exchange continued to slide in a volatile session, ending in the red today at 8509.56 with a further loss of 191.51 points from its last finish of 8701.07 on renewed offloading by foreign funds in view of the bearish phase in global markets.

The Nifty index of the National Stock Exchange (NSE) also eased by 59.80 points to settle lower at 2524.20 points from its last close of 2584.00.

Brokers said Key benchmark indices witnessed sharp intra-day pullback in second half of the day's trading session, aided by short covering of derivative positions, ahead of the expiry on October 29, after plunging to over 3-year low in the first half, induced by weak global equities. Volatility was the hallmark of the day's trading session.

The market breadth was weak. The opening volatility on the bourses followed the slump in Asian markets to five-year lows, after the poor showing by the US markets overnight on concerns of looming US recession worries and global economic slowdown decelerating corporate earnings growth.

Key benchmark indices in China, Hong Kong, South Korea, Taiwan, and Japan slipped between 0.80 pc and 6.36 pc today. European markets were not spared from the global bloodbath either as indices in France, Germany and UK fell between 3.16 pc to 6.31 pc, which led to downward trend on the Indian bourses.

The Sensex had plunged below 8000 mark and the Nifty tested 2300 level during the day. First half of trading session witnessed panic selling by local players.

However, the market was seen taking a V-shape recovery in the second half of session on the back of short covering and buying support by domestic institutional investors. Domestic insurance companies bought index stocks in late trade. Volumes were low at institutional desk ahead of the truncated week due to Diwali holidays.

Buying was seen in telecom, selective realty, oil and metal stocks. However, selling continued in auto, FMCG, pharma, capital goods, banking (barring ICICI Bank) and power (barring Reliance Infrastructure) stocks.

The 30-share BSE Sensex touched an intraday low as well as October 2005 level of 7,697.39 (down 1,003.68 from previous close), before ending the day at 8,509.56, down 191.51 points or 2.2 pc. The 50-share NSE Nifty fell 59.8 points or 2.31 pc, to settle at 2524.20. It has hit a low of 2252.75 (down 331.25 from previous close).

Both indices recovered 812.17 points and 271.45 points from day's low, respectively. 20 Nifty stocks recovered over 15 per cent from day's low. The BSE Midcap Index fell 129.45 points or 4.18 per cent, to close at 2,966.23. The BSE Small Cap Index lost 182.99 points or 5%, to settle at 3,478.84.

Lacklustre rollovers were seen in today's session. Nifty rollover stood at 47.1 pc while Marketwide rollover at 43.9 per cent. The Nifty open interest PCR was at 0.66. Nifty November Futures added 62.6 lakh shares and ended at a discount of 4.2 points. October Futures saw a mild premium of 1.8 points.

Market breadth was extremely weak throughout the day, about 698 shares advanced while 2305 shares declined. About 187 shares remained unchanged.

The total traded turnover stood at Rs 59,015.60 crore. This includes Rs 9,636.40 crore from NSE Cash segment, Rs 46,002.30 crore from NSE F &O and the balance Rs 3,376.90 crore from BSE Cash segment.

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