The market was extremely volatile with a negative bias after showing more than 300 points recovery from day's low. Investors as well as traders were covering their shorts.
The 30-share BSE Sensex was trading at 16,726, down 264 points and the 50-share NSE Nifty dropped 78 points to 5,039.
TCS, Reliance Power, Reliance Infrastructure, Sun Pharma, Infosys, Wipro and Hindalco were top losers among largecaps, falling 3-4.5%.
About 40 shares out of 50 on the Nifty were in the red. However, some fresh longs were seen in ONGC, Ambuja Cements and ACC, which were up 0.8-2.3%. M&M, Bajaj Auto, Kotak Mahindra Bank and Maruti gained on the back of short covering.
On the global front, European futures like DAX, CAC and FTSE were down 5-9%.
Indian investors continue to short cover their positions which helped Nifty to hold the 5000 mark and BSE benchmark Sensex to further pare its losses. The 30-share BSESensex was trading at 16738, down 250 points and the 50-share NSE Nifty was trading at 5,044, down 74 points. Selling continued in sectors like technology, telecom, capital goods, metal and power companies..
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