Sensex recoups most losses to end 31 points down

Mumbai :  The benchmark Sensex on Wednesday dropped over 215 points in a knee-jerk reaction to Supreme Court cancelling allocation of 214 coal mines but recouped most losses to end the day just 31 points lower with Coal India shares surging 5 per cent.

Fag end short-covering a day ahead of expiry of September derivatives contract also helped the index recover, said traders.

Shares from realty, capital goods, consumer durable, banking and auto sectors were at the receiving end while FMCG, pharma counters caught the attention as safe bets, they added.

The benchmark BSE S&P Sensex initially touched a high of 26,844.70 but dropped to a low of 26,560, down by over 215 points when news of cancellation of coal blocks filtered in.

Later, it rebounded to settle at 26,744.69, showing a minor fall of 31 points or 0.12 per cent.

Yesterday, it had fallen 431 points in line with global markets on growth woes.

Overnight heavy selling by foreign funds amid some weakness in global equities weighed on the market.

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