Sensex drops below 26,000-mark; down 264 points
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In early trade, the benchmark BSE Sensex rebounded over 120 points and the NSE Nifty regained the 8,100-mark in the opening trade today on value-buying in select blue-chips amid a firming trend on other Asian bourses. Besides, covering-up of short positions by speculators supported the recovery. The 30-share index was trading higher by 120.02 points, or 0.45%, at 26,270.45 with sectoral indices led by oil&gas, metal and PSU leading the recovery.
BSE Sensex dropped below the 26,000 mark and was trading down 1% from previous close. It was trading at 25,885.92, down 264.32 points or 1.01% down. NSE Nifty also broke below the 8,000-mark and was trading at 7978.50, down 95.60 or 1.18% from previous close.
However, soon after, the BSE Sensex shed its early gains and dropped over 145 points below the red line, dragged down by cautious investors amid the government's demonetization move.
Sensex was trading at 26,007.82, down 142.42 points or 0.54% from previous day's close.
The gauge had lost 1,367.44 points in the previous five sessions on sustained capital outflows by foreign funds amid lingering worries about the economic impact of demonetisation.
Besides, the NSE Nifty reclaimed the 8,100-mark by recovering 26.35 points or 0.35% to 8,102.45.
Brokers said value-buying in recently beaten-down blue-chips along with covering-up of short positions by speculators influenced trading sentiments.
Furthermore, a moderate recovery at other Asian markets supported the rebound on the domestic market here. Among other Asian markets, Japan's Nikkei, extended a 10-month high by rising 0.49%, while Shanghai Composite index was up 0.91% in their early trade.
Hong Kong's Hang Seng index was also trading 0.42% higher.
The US Dow Jones Industrial Average, however, fell 0.19% in Friday's trade.
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