BSE Sensex recovers after 180-point fall as European indices open in the green

Written by fe Bureau | Mumbai | Updated: Feb 6 2014, 20:08pm hrs
BSE SensexIndian markets picked up from positive global cues as European indices opened on a positive note. (AP)
Indian stock market recovered on Thursday after basket selling dragged the BSE Sensex 181.21 points or 0.89 pct down intra-day. The BSE Sensex was down 20.65 points or 0.10 pct at 20,240.38 points, while NSE Nifty was down 27.65 points or 0.46 pct at 5,994.75 points at 1.45 pm IST. Indian markets picked up from positive global cues as European indices opened on a positive note. DAX (0.44%), FTSE 100 (0.31%) and CAC 40 (0.28%) were all trading in the green.

Globally, foreign institutional investors (FIIs) have been selling. Indian markets were down earlier on account of basket-selling, said Vinay Khattar, head (research), Edelweiss. FIIs have sold $291.43 million worth of equities in 2014.

Experts speculate Indian markets to keep correcting and recovering. Investors remain bullish in medium-to long-term. India markets are likely to see regular correction and recovery, said Nirmal Jain, chairman, IIFL.

Among the BSE Sensex stocks, Bharat Heavy Electricals Ltd (BHEL) (-2.49%) was the biggest loser. The power equipment maker on Wednesday reported 41% y-o-y decline in its net profit to Rs 695 crore. ICICI Bank (-1.34%), Axis Bank (-1.22%) and Gail (-1.18%) were among other losers. Among sectoral indices, BSE Realty (-1.58%), BSE Capital Goods (-0.98%) and BSE Bankex (-0.55%) were the major losers.

Meanwhile, most Asian indices were trading in the green. Hang Seng (0.72%), Kospi (0.88%) and Jakarta Composite (0.58%) were the major gainers. Meanwhile, Nikkei (-0.18%) was marginally in the red.