Markets recover to end flat on short covering
Indian equities markets Tuesday seemed to have weathered the financial tsunami following the
collapse of Lehman Bros. and buy out of Merrill Lynch Monday to end the day more or less flat after
opening very weak.
The recovery clearly showed signs of short covering, analysts said.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the
day at 13,518.80, down just 12.47 points or 0.09 percent from its previous closing Monday at
13,531.27.
The Sensex had, however, opened with a fall of nearly 500 points.
'This early fall gave bears with short positions a chance to book profits as over Friday, Monday and
early Tuesday there was a total fall of about 1,500 points,' said Jagannadham Thunuguntla, equity
head of Delhi-based Nexgen Capitals Ltd.
Nexgen is the securities arm of the fourth largest share brokerage house in the country the SMC
Group.
The National Stock Exchange saw a similar trend. It ope