After sharp recovery, Sensex down 100 points
By siliconindia   |   Wednesday, 03 December 2008, 21:28 IST   |    1 Comments
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Mumbai: The markets ended lower despite showing sharp recovery in last one hour of trade. The 30-share BSE Sensex closed at 8,739.24, down 100.63 points or 1.14 percent from previous close. The 50-share NSE Nifty fell 25.10 points or 0.94 percent, to close at 2657.80. While Sensex recovered nearly 272 points from an intraday low of 8,467.43, Nifty showed a recovery of 87.1 points from day's low of 2570.70. Though both indices had remained extremely under pressure, the recovery started after 2 pm, as the beaten down stocks like FMCG, cement, select telecom, power, capital goods and realty stocks witnessed buying interest. Some recovery in European indices also helped Indian markets a bit. But a continuous sell-off in oil, technology, banking, auto and metal stocks kept markets under pressure throughout the session and did not give a chance to turn in green. BSE Midcap Index lost 41.14 points or 1.45 percent, to close at 2,805.33 and Small Cap Index was down 45.32 points or 1.37 percent at 3,252.41. On the global front, Asian markets ended sharply lower. Nikkei plunged 6.35 percent at close, as Bank of Japan, BoJ board has voted unanimously to keep policy rate steady and it will inject unlimited funds collateralized by Corporate debt. Hang Seng fell 4.98 percent. Straits Times, Kospi and Taiwan tumbled 3-3.6 percent. Jakarta lost 2.6 percent and Shanghai fell 0.26 percent.

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