Indian equities markets recover to end flat on short covering
Web posted at: 9/17/2008 0:54:2
Source ::: IANS
Mumbai • Indian equities markets yesterday seemed to have weathered the financial tsunami following the collapse of
Lehman Bros. and buy out of Merrill Lynch on 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 yesterday
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