Indices recover from early losses

14 June 2005

Markets had a moderately positive start in the morning as the positive mood from yesterday's strong close carried over. Weakness set in soon enough as worrying reports about the monsoon started coming in.

The indices did not see much further action till noon as they traded within a range with a negative bias. By around noon buying emerged and pushed up the indices into positive territory.

The last hour was volatile as the markets dropped suddenly and nearly touched the day's lows before staging a smart recovery. The indices closed at the day's high.

Sensex closed at 6860, up 27 points and the Nifty at 2112, up 9 points from yesterday's close. Nifty June futures discount to the spot narrowed marginally to 17 points from yesterday's 19 points.

Among Nifty stocks, Dabur, ICICI Bank and Bharti were the major percentage gainers while VSNL, Zee Tele and SCI were the major losers.

US indices closed with marginal gains yesterday as traders waited for release of more economic data due this week. The sharp rise in crude prices also acted as a dampener. Gains on Dow were less than one-tenth of a per cent while NASDAQ gained close to a quarter of a per cent.