The bourses encountered sharp swings and witnessed a remarkable recovery towards the end to offset some losses though the key benchmark CNX Nifty shed 32 points at the National Stock Exchange (NSE) here on Monday. Opening on a weak note on renewed fears of recession in US and worries over Eurozone debt woes,the slide gradually widened in line with falling Asian peers with the index slipping below the 4,800-mark on across the board sell-off. The turnaround came after strong European opening along with Asian stocks which rebounded on speculation that European Central Bank may reduce the interest rate,and domestic investors resorting to frenzied buying and bargain hunting at lower levels amidst hectic short-covering. This helped Nifty to recover most of its initial losses in mid-afternoon trade. But the recovery was short lived as profit-taking at higher level forced the market to retreat and end in the red. Barring technology,all other sectoral indices ended with heavy losses. The 50-share Nifty index saw a high of 4,879.80 and a low of 4,758.85 before ending at 4,835.40,a net loss of 32.35 points,or 0.66 per cent,over its last close. Tata Power,Sterlite,Sesa Goa,Reliance Capital,Axis Bank,Hindalco,Grasim,RPower,Hero and GAIL were top losers. However,DLF,JP Associates,Ranbaxy,Ambuja Cement,Bharati Airtel,PNB,ICICI Bank,Sun Pharma,Cipla and Infosys registered good gains. Turnover in cash segment declined to Rs 10,773.85 crore from Rs 12,042.85 crore last Friday. A total of 5,706.43 lakh shares changed hands in 60,36,978 trades. The market capitalisation stood at Rs 57,52,828 crore.
