Business | Markets
Indian markets rebound
Indian shares rebounded from sharp early losses on Thursday and snapped a seven-day losing streak, as domestic funds stepped in to pick bargains but the outlook remained shaky on deepening global financial woes.
- Agencies
- Published: 00:18 September 19, 2008
Mumbai: Indian shares rebounded from sharp early losses on Thursday and snapped a seven-day losing streak, as domestic funds stepped in to pick bargains but the outlook remained shaky on deepening global financial woes.
Battered financial stocks led the recovery.
ICICI Bank, India's second-largest lender, recouped 2.8 per cent to Rs575.85 after a top official said the bank's exposure to foreign markets were small and the bank would post healthy profits.
The stock had tumbled 14 per cent over the previous three sessions on concerns its exposure to the credit turmoil could erode earnings. On Tuesday, the bank said it had exposure to $81 million of Lehman senior bonds.
The 30-share benchmark index ended up 0.4 per cent, or 52.70 points, at 13,315.60, its first rise since September 8. In early trade, it had slid as much as 5.3 percent, slipping below 13,000 points for the first time since July 17.
"These are short-term bounces given that liquidity has been poured in globally," Amitabh Chakraborty, president equities at Religare Securities, said.
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