Markets trim losses on strong Europe cues

Equities pared losses to less than 2 per cent on Thursday afternoon after falling more than 7 per cent early, as European markets came off lows and US stock futures that indicated a higher opening on Wall Street. By 2:07 p.m., the main 30-share BSE index was down 1.66 per cent, or 179.20 points, at 10,629.92, after having tumbled as much as 7.3 per cent to its lowest since July 2006. Sixteen components were down.

“There is still ample downside left in the Indian market and investors should trade cautiously even if there is a pullback,” said V.K. Sharma, head of research at Anagram Stock Broking.

European stocks were down 2.4 per cent, after having fallen as much as 5.6 per cent earlier.