MUMBAI: After falling almost 200 points, the Sensex on Friday staged a smart recovery tracking strong signals to close at just 26 points lower as investors looked beyond the poor monsoon and the ECB announced measures to address immediate crisis Eurozone debt.
According to global stocks, shares of India collapsed with the benchmark BSE opening 60 points lower. Knocked down on the day of 17,026.97 shortly after the pressure intensified sale, to 197.39 points from its anterior end.
Reports that the basic monsoon in India is expected to be 15 percent of deficiency of this season, the first indication of a drought of three years, investors were worried. However, a strong rebound in European stocks rose the feelings and the purchase of Wipro, NTPC, Dr. Reddy and helped ONGC stock recovery rate.
The Sensex concluded at 17,197.93, up 26.43 points, good support from Reliance, Infosys and HDFC Bank.European indices were trading higher with the German DAX up 1.95 percent, France's CAC higher at 2.25 percent and the UK FTSE up 1.30 percent in afternoon deals.
"In recent days, the expectations of stimulus package is built. But the results did not agree with the hopes ... Indian stocks opened gap down and saw selling pressure. However, later regained ground lost almost all, "said Rita Nagji K, CMD, Inventure Growth and Securities.
Metals stocks were the hardest hit today with Sterlite, Tata Steel and Jindal Steel lost 2 percent each of the reports of slowing demand.
Traders said fears of drought hit interest rate sensitive stocks like banks as RBI can not reduce interest rates. Automotive stocks, including M & M and Tata Motors, also closed lower on poor rains arrests affect rural incomes.
The participation rate of 50-NSE Nifty fell 12.05 points, or 0.23 percent, at 5,215.70, after hitting a low of 5,164.65.Meanwhile, the rupee also recovered from a session low of 56.19 and last traded in monitoring levels of 55.9, a recovery of the euro.
According to global stocks, shares of India collapsed with the benchmark BSE opening 60 points lower. Knocked down on the day of 17,026.97 shortly after the pressure intensified sale, to 197.39 points from its anterior end.
Reports that the basic monsoon in India is expected to be 15 percent of deficiency of this season, the first indication of a drought of three years, investors were worried. However, a strong rebound in European stocks rose the feelings and the purchase of Wipro, NTPC, Dr. Reddy and helped ONGC stock recovery rate.
The Sensex concluded at 17,197.93, up 26.43 points, good support from Reliance, Infosys and HDFC Bank.European indices were trading higher with the German DAX up 1.95 percent, France's CAC higher at 2.25 percent and the UK FTSE up 1.30 percent in afternoon deals.
"In recent days, the expectations of stimulus package is built. But the results did not agree with the hopes ... Indian stocks opened gap down and saw selling pressure. However, later regained ground lost almost all, "said Rita Nagji K, CMD, Inventure Growth and Securities.
Metals stocks were the hardest hit today with Sterlite, Tata Steel and Jindal Steel lost 2 percent each of the reports of slowing demand.
Traders said fears of drought hit interest rate sensitive stocks like banks as RBI can not reduce interest rates. Automotive stocks, including M & M and Tata Motors, also closed lower on poor rains arrests affect rural incomes.
The participation rate of 50-NSE Nifty fell 12.05 points, or 0.23 percent, at 5,215.70, after hitting a low of 5,164.65.Meanwhile, the rupee also recovered from a session low of 56.19 and last traded in monitoring levels of 55.9, a recovery of the euro.
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