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Sensex recovers partially after plunging by 347 pts in panic selling

Written by: Staff

Mumbai, Apr 13 (UNI) Investors panicked once again leading to 347 points intra-day fall around 1200 hrs on the sensitive index(Sensex) of the Bombay Stock Exchange(BSE).

However, there was a bounceback later in the afternoon which prevented the repeat of 306 points fall on the Sensex yesterday, as the benchmark index closed 118 point down at 11,237 points on the last trading day of the week, tomorrow being a holiday.

The sharp dip in the markets to day's low of 11,008 points on Sensex was much more a panic reaction and the Sensex recovered most of the day's loss in just one-and-half hours of trade.

At 1356 hrs, the Sensex was down just 44 points at 11,312, as compared the last close of 11,355.

The National Stock Exchange (NSE) S&P CNX Nifty index too dipped to day's low of 3,290.35, a sharp dip of 89.65 points. Nifty finally closed at 3,345.50 down by 34.50 points.

But today's correction in the markets was a domestic event as valuations in the market were overstretched as market travelled to an all time high of 11,930 four days back.

The global condition seemed to improve as crude oil prices came down slightly to USD 68.25 per barrel in the New York Mercantile Exchange (NYMEX).

All the major markets were also in the green today with US market indices NYSE closing 0.07 per cent up, Nasdaq was 0.19 per cent up, Dow Jones was 0.36 per cent up and Japanese Nikkei was 0.21 per cent up.

But the foreign fund outflow of Rs 421.70 crore on Monday, reported by market regulator SEBI, was making an impact the market.

Earlier the benchmark index opened with a gain of eleven points at 11,366, compared to the last close of 11,355.

But soon after opening, the 30-share Sensitive Index (Sensex) fell 170 points touching a low of 11,185.

Among the sectoral indices, BSE capital goods index was down by 2.80 per cent, BSE Bankex index was down by 2.30 per cent and BSE Smallcap index was down by 2.36 per cent.

The BSE Midcap index was down by 1.89 per cent.

Reliance Industries Limited (RIL) was on fire touching a high of Rs 852.40 on the back of Reliance Petroleum's initial public offer getting oversubscribed by more than five times.

RIL closed 2.23 per cent up at Rs 847.05 with a gain of Rs 18.50.

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