The Hindu Business Line : Markets retreat from day's high but later recover from low levels

According to analysts, the rising dollar against rupee provided an opportunity for greater revenue in the software and iron ore and steel exporters. Also a substantial short covering took place today, according market sources.

However, the markets began on strong note following the overnight firm closing by the US markets and subsequent gains in the Asian markets.

The FIIs, who have been selling in the market for the last few sessions, understood to have sold today also. "But their overall selling may have waned a bit", a dealer with an institutional brokerage said.

The BSE Sensex recovered 97 points or 1.24 per cent from the day's low of at 7838. The benchmark closed finally down 35.94 points at 7,935.12. The Sensex, however, began on strong note at 8075.82 and then touched a high of 8134.83 points.

Among the top gainers were Satyam Computer, Reliance Energy, Infosys and Hero Honda.

The S&P Nifty slipped 0.70 per cent to 2395.49 against the previous close of 2412.45. The CNX-IT closed in the green at 3252.90, up 1.02 per cent. While the BSE-100 finished down 0.78 per cent at 4191.45, the Nifty Junior closed down 2.39 per cent at 4743.20. The BSE Mid-Cap was down 134.26 points at 3,777.16.

Bombay Dyeing, JK Cement, Sesa Goa, Crisil, Century Enka were among the gainers in the mid-cap basket. Among BSE Small-Cap index stocks, Adlabs Films, KPIT Cummins, Infotech Enterprises, Denso India and Fag Bearing were gainers.

The overall market capitalisation of stocks listed in BSE declined by about Rs 25,000 crore or about 1.2 per cent on Thursday. Since the downtrend started on October 5, total m-cap of Indian stocks has come down by about Rs 2,00,000 crore.

Similar to Wednesday, decline in values came on the back of an increase in turnover. Turnover at NSE was above Rs 7,000 crore in cash market. Number of stocks that declined outnumbered those that advanced by a factor of 6.

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