The market staged a strong rebound in late trade to wipe-off losses and post modest gains for the day. Firm European markets, which opened after Indian markets and good response to Rural Electrification Corporation public issue helped the recovery.
Volatility on the bourses was high today. The market had slipped into the red in afternoon trade after opening on a strong note. A firm opening was due to strength in Asian markets. The market breadth was positive after turning negative in afternoon trade. 21 shares from the 30-member Sensex pack rose.
The 30-share BSE Sensex was up 117.08 points or 0.66% at 17,734.68. It slipped to a low of 17,482.31 in mid-afternoon trade. At the day’s low, the Sensex lost 135.29 points. Sensex had opened 265.42 points higher at 17,883.02 and rose further to touch a high of 17,887.21 in early trade. At the day’s high, the Sensex rose 269.61 points. The Sensex oscillated in a range of 404.90 points for the day.
At current 17,734.68, Sensex trades at a PE multiple of 16.90 to 17.73, based on projected FY 2009 EPS of Rs 1000-to-Rs 1050 for 30 Sensex companies.
The broader based S&P CNX Nifty gained 37.35 points or 0.72% at 5,191.80. Nifty February 2008 futures were at 5201, a premium of 9.20 points as compared to spot closing.
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