Market settle with modest losses

By Staff
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Google Oneindia News

Mumbai, Apr 19 (UNI) After plunging sharply in early trade, the Sensex today recovered to end with a modest loss of 52.49 points on the Bombay Stock Exchange and eventually close at 13,423.64, tracking a steep decline in global markets and concerns over a possible rate-hike in China.

The broader Nifty Index also lost 13.95 points, consequently slipping beyond the psychological barrier of 4,000 on the National Stock Exchange (NSE) to close at 3,997.65 from its previous close of 4,011.60 points.

''The barometer Sensex had plunged sharply in early trade wherein it had actually tanked by a 250 points at 13,423.64. But as buying resumed for index pivotals at the lower levels during the latter part of the day, the loss was modest. Local bourses were gripped by acute volatility as weakness around global markets also made its way on to the domestic bourses right from the word go today,'' market analysts explained.

The 30-share BSE Sensex had opened lower at 13,538.71, and slumped to a low of 13,423.64. However, the barometer index begun retrieving lost ground and had even touched a high of 13,658.11, after buying resumed. The market stayed weak as selling continued in the late-afternoon session of trades. However, strong buying began in the late-afternoon, helping the market to wipe out the earlier sharp losses, experts noted.

Global markets underwent a steep correction today. All European as well as Asian indices were trading with losses.

The market-breadth, an indication of the market's health, was weak as well. A host of stocks from the smallcap and mid-cap space faltered. For 1,341 stocks that declined on BSE, 1,179 advanced. In morning trade, the breadth was weak, but had recovered to unity.

However, the breadth collapsed once again later. A total of 97 scrips have remained unchanged. The total turnover on BSE amounted to Rs 3642 crore. Among the 30-Sensex pack, 16 advanced while the rest declined.

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