Despite closing in deep red, Indian equity benchmarks recovered more than half of its losses in the second half of the trade, outperforming global peers. The world markets crashed post dismal report on US job growth and euro debt worries. The 30-share BSE Sensex fell closed 108 points lower at 16,713 after seeing a recovery of over 100 points from day's low of 16,561.46. The 50-share NSE Niftymanaged to hold the 5,000 mark. Experts feel that 5000 is likely to be a crucial support level for the market. The index dropped 23 points from its previous close to end at 5,017.
On the global front, European markets like France's CAC, Germany's DAX and Britain's FTSE were down 2-3%. The Dow Jones futures too fell 110 points. Asian markets closed down 2-4%.
Rajat Rajgarhia, head of research, Motilal Oswal Securities, said that global trade may continue to remain uncertain and hence, domestic sectors that have got hit by global headwinds will see reduced exposure by investors even if the respective stocks witness a bounce back.
Market is still unclear whether it has any catalyst in the near term, which will help boosting the trade, feels Rajgarhia.
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