Sensex recovers

The 30-share Sensex of the BSE recovered by a smart 442 points from the day?s low of 17,171.45, mainly led by bank stocks, to end at 17,613.99 points. The benchmark index gained 54.01 points, or 0.31%.

Written by Markets Bureau

October 23, 2007 00:00 IST

The 30-share Sensex of the BSE on Monday recovered by a smart 442 points from the day?s low of 17,171.45, mainly led by bank stocks, to end at 17,613.99 points. The benchmark index gained 54.01 points, or 0.31%.

Earlier in the day, the Sensex opened on a weak note, 300 points down at 17,259.65 points, responding to global worries regarding the US credit market. On Friday, the Dow Jones Industrial Average lost 366.94 points, or 2.64%, to close at 13,522.02 points. As a result, major Asian markets were down 1-4.5%.

Back home, even as the Sensex gained, the broader S&P CNX Nifty of the NSE ended the day down 31.3 points, or 0.60%, at 5,184 points. Ahead of the expiry of the October derivative series, Nifty October futures ended the day at 5,174.90 points with the discount narrowing to 9.1 points.

Anil Advani, head of research, SBICAP, said, ?The market staged a late recovery expecting a positive outcome from the Sebi?s interaction with FIIs.?

This article was first uploaded on October twenty-three, twenty seven, at zero minutes past twelve in the am.