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Sensex recovers slowly
Posted on: 08/Aug/2011 5:38:05 AM
After an over 500-point plunge within minutes of opening today, the stock market recouped more than half of its losses by mid-day as some investors saw buying opportunities in the meltdown triggered by the debt 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 by mid-day, the Sensex had recovered more than half of the losses.
The 30-share barometer index was trading 139.67 points down at 17,166.20 points at 1255 hrs after dipping to as low as 16,759.45 points - the lowest since June 10, 2010 - earlier in the morning.
