The NSE index cut losses of as much as 1.3 per cent earlier in the day after state-run Life Insurance Corporation of India started buying shares, said three dealers handling trades for institutional clients.
“Market is seeing aggressive support (for NSE) at 8,000 levels from LIC. Hopefully, downside looks minimum from today’s low,’’ a dealer with a domestic broker told Reuters.
An LIC spokesman said the insurer does not comment on market speculation.
LIC, a government-run entity, is known to support domestic share markets at times of hefty falls.
The NSE index was down 0.4 per cent after earlier falling as much as 1.3 per cent to its lowest intra-day level since October 21.
The BSE index was down 0.3 per cent after earlier falling as much as 1.1 per cent.