Indian markets recoup losses after initial bloodbath (Third Lead)

Mumbai, Nov 27 ( Indian equities managed to stem the losses suffered in the morning and afternoon sessions Friday, with a key index ending trade 1.32 percent lower after falling more than 3.82 percent owing to fears of a debt default by Dubai World.

Indian stock markets had joined the tumble in bourses around the world after the state-owned holding company Dubai World, which manages that emirate’s portfolio of businesses, said it had asked creditors for an extension of six months on debt repayments.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened the day at 16,718.8 points, shut shop at 16,632.01 points, down 1.32 percent or 222.92 points, against Thursday’s close at 16,854.93 points.

It had fallen by 644.49 points or 3.82 percent during the day.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 4,941.75 points, against the previous close at 5,005.55 points, a loss of 63.8 points or 1.27 percent.

Broader market indices also managed to closed above the day’s lows with the BSE midcap index down 1.35 percent and the BSE small cap index ending 2.14 percent lower.