Volatility Grips Stock Markets Amid Mixed Global Trends
MUMBAI: After its record fall on Monday, the Sensex opened strong on Tuesday morning and soared 383 points within minutes but a sharp bout of volatility soon engulfed the markets in the morning trade.
In a see-saw trade, the index slipped into the negative territory but recovered and was up 120 points at 25,862 points at 0945 hrs. At the same time, the Nifty of the National Stock Exchange rose by 38.60 points to 7,847.60 after dipping to a low of 7,801 in early trade.
The Sensex had opened strong by 383 points and the Nifty recaptured 7,900 level in early trade on across the sector value-buying by participants even as Chinese markets continued to slide. All the sectoral indices led by realty, metal and consumer durable led the recovery.
Brokers said emergence of buying at prevailing lower levels in bluechips coupled with covering-up of short positions by speculators, helped key indices to trade in the positive zone. Besides, a recovery at other Asian markets influenced sentiments here, they said.
The Sensex had crashed by 1,624.51 points its biggest single-day fall. Among other Asian markets, Hong Kong's Hang Seng was up 1.36 percent, while Japan's Nikkei was up by 1.10 percent in early trade.
However, Shanghai Composite index tumbled 4.49 percent. The U.S. Dow Jones Industrial Average ended 3.57 percent lower in Monday's trade.
