The BSE Sensex today dropped 316 points to close below 17,000-level for the first time in 14 months
Recovering from a deep early-morning plunge, Indian stock benchmark Sensex narrowed its losses to just 58 points after European stocks shrugged off the threat posed by the unprecedented downgrade of the US credit rating.
After plunging by about 550 points earlier in the morning, the 30-share barometer index recovered most of its losses and was down only 58 points down at 17,247.87 in early afternoon trade.
Earlier in the morning, the index had fallen to as low as 16,759.45 points -- the lowest since June 10, 2010.
Besides positive cues from Europe, where stock markets opened higher despite the mounting debt worries in Eurozone and the US, the value buying of Indian stocks at lower levels also helped the Sensex recover.
Shares like ONGC, M&M, Maruti and SBI bounced back into positive territory, while RIL, ITC, ICICI Bank and NTPC also recovered sharply from their early morning lows
However, stocks like Infosys, TCS, Tata Motors and Tata Steel continued to reel under acute selling pressure, as export-focused sectors are likely to be worst affected by the crisis in the US and Europe.
In the first day of trading after the US lost its top-notch creditworthiness rating, Indian stocks fell sharply this morning, causing a plunge of 546 points in the Sensex and wiping out an estimated Rs 2 lakh crore in investors' wealth.
However, a recovery was seen taking place in late morning trade and the Sensex recovered nearly 500-point loss .
Posted in: Sensex news
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