Mumbai: Stocks: Indian stocks recovered from over 20-month low but logged third consecutive weekly loss, managing to reclaim the key 24,000-level, while the broader NSE Nifty closed above the 7,400-level. Week's trading underpinned mostly by renewed global sell-off on worries driven by volatility in crude oil which slid below USD 28 per barrel, concern over the health of the Chinese economy, while domestic macro economy also contributed the fall with Rupee slumping over 28-month low, dip in exports and widening trade deficits along with mute earnings results in some of the corporates.
However, the index recovered on every fall temporarily on the back of value-buying and short covering, the actual support for the languishing market during fag-end of the week following recovery in global stocks amid rebound in crude oil prices and expectation of additional stimulus by European Central Bank (ECB) to help struggling Eurozone economy.
The BSE Sensex resumed lower by 24,400.78 and hovered in range of 24,563.34 and 23,839.76 before closing the week at 24,435.66, showing a marginal loss of 19.38 points or 0.08 per cent. However, the Sensex has lost 1,725.24 points or 6.59 per cent in the last three weeks. The NSE 50-share also eased by 15.35 points or 0.21 per cent to end at 7,422.45. Selling was witnessed by Oil&Gas, Realty, FMCG, BSE-PSUs , Power, Metals, Tech, HealthCare, Auto and IT sectors.
