Tuesday, August 9, 2011

Sensex in green after two days, European cues help

The Indian markets have made a spectacular recovery, with the Sensex gaining over 500 points from the day's low, as investors bought stocks at bargain prices. The Sensex has jumped back into the green for the first time in over two days.

At 12:35 pm, the Sensex was trading nearly 50 points higher, trading at 17,040 and the Nifty rose 20 points to 5,138.


The strong upmove was on the back of a recovery in global sentiments. Asian markets have closed off the day's low and Dow Futures are trading in the green.

Asian shares extended their spiral descent in early trade, with banks taking a big hit following the massive sell-off in the US equity market yesterday, further undermining the already-fragile investor confidence.

The key benchmark indices in South Korea, Indonesia, Hong Kong, Taiwan, China and Japan were down by between 1.15 per cent and 5.92 per cent.

US stocks tumbled yesterday, dragging the benchmark indices to their biggest loss since December, 2008. The Dow Jones Industrial Average tanked 5.55 per cent, or 634.76 points; the Nasdaq Composite fell by 6.9 per cent, or 174.72 points; and the Standard & Poor's 500 declined by 6.66 per cent, or 79.92 points.

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