Equity Alert: Shr indices dn 4% but off lows; Nifty back over 4000
MUMBAI--1:42PM--Key share indices were down over 4%, but off lows
touched
earlier in the session on buying in selective stocks at lower levels,
dealers
said.
Market had earlier slid 6% as key European markets opened around
3% lower.
Sensex was at 13420.18, down 580.63 points, or 4.2%. Nifty climbed
back
above the 4000-mark and was at 4037.35, down 191.10 points, or 4.5%.
"There are been some buying in bank shares, even in steel shares
like
SAIL (Steel Authority of India) by domestic funds," said an
institutional
dealer.
He sees resistance for Nifty around 4050-4060.
Maruti Suzuki, up 0.1%, was the sole gainer on Nifty.
CNX Mid-cap and S&P CNX 500 indices were down around 5% each.
Real estate shares remained major laggards, with Unitech, down
10%, the
worst hit on Nifty.
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