Sensex inches towards 10k

Written by Writer on Friday, October 17th, 2008

MUMBAI, Oct 16: Stock markets today largely deviated from the global trends and trimmed early morning losses significantly on account of short-sale covering by punters who found ready pretext in easing inflation numbers at 11.44 per cent for the first week of October.

The Sensitive Index of the Bombay Stock Exchange opened with a big negative margin of 524.22 points at 10,284.90 and almost slipped into four-digit figure ~ under 10k ~ to 10,017.80 points (-791.32 points). When short sale covering started it recovered over 550 points to close 227.63 points or 2.11 per cent down at 10,581.49 points. The Nifty 50 of the National Stock Exchange which once slumped to 3,119.44 points closed at 3,269.30 losing 69.1 points or 2.07 per cent.

The Sensex survived the psychological barrier of 10,000 which was a big consolation of the day. But market watchers are still wary about the impact of the US economy slowdown which has engulfed the entire global financial system and dragged it into a recession.