Sensex recovers early loss, reaches new high near 20,800

Mumbai, Jan 7 (UNI) The Bombay Stock Exchange sensitive index recovered the early loss, gained over 100 points to hit a new high near 20,800 on fresh buying in selective stocks in the late-morning trade.

The benchmark Sensex resumed the day at week note at 20,637.21 from its previous close of 20,686.89 on weak global cues and further slipped into deep red, shedding about 200 points on heavy profit booking in the early trading session. However, it recovered smartly in the late morning trade from a day low of 20,438.19. The broader based CNX S&P Nifty was still in red.

The BSE Mid-Cap index was up by 0.40 per cent to 10,153.46 and Small-Cap index was up by 1.52 per cent to 14,094.97. The market breadth was strong on BSE with 1,420 shares advancing as compared to 980 that declined and 37 that remained unchanged during the early trade.

Index heavyweights, Reliance Industries was up by 0.37 per cent to Rs 2997. The stock came off from an early low of Rs 2,951. ICICI Bank fell by 1.97 per cent to Rs 1,260. While, Technologies declined by 2.07 per cent to Rs 1,659.70.

However, Reliance Communications gained by 2.32 per cent to Rs 777.70, Reliance Energy gained by 1.26 per cent to Rs 2,542, Tata Steel moved up by 1.16 per cent to Rs 940.90, and Larsen&Toubro rose by 0.84 per cent to Rs 4,280.

HDFC Bank slipped by 2.85 per cent, Wipro declined by 2.29 per cent, TCS edged lower by 1.50 per cent, Hindalco Industries skid by 1.48 per cent and Bharti Airtel fell by 1.41 per cent.

Asia markets were in red today and US markets closed in negative due to fears that the economy was heading into a recession.

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