Sensex recovers part of early losses

MUMBAI, JUNE 20. A sharp upsurge in the heavyweight Hindustan Lever saved the day for Sensex that recovered most of its early losses but still closed in the red in lacklustre activity on the Bombay Stock Exchange today.

The BSE benchmark 30-share index opened on a steady note at 3410.10 but later moved down to the intra-day low of 3369.31 due largely to selling pressure by retail investors and operators who were gradually winding up their outstanding long positions ahead of the July 2 deadline for the ban on badla and introduction of the rolling settlement in the specified group.

The Sensex recovered smartly after the midsession to end at 3406.05 against yesterday's close of 3410.95, netting a minor fall of 4.90 points. The BSE-100 index eased by 5.83 points to 1648.07 from 1653.90.

Selling was more pronounced in technology stocks despite a small gain in the Nasdaq composite index yesterday. The U.S. economic slowdown and alternate announcements of earnings warnings by high-tech corporates on the Wall Street was the main cause for concern for investors who had turned cautious and unwilling to make fresh commitments after the decision of the badla ban and the rolling settlement.

- PTI

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Section  : Business
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