Sensex stages recovery after falling 300 points in early trade

At 10am Sensex was down 0.12% at 34,151.86 points while the Nifty 50 edged down 0.14% to 10,466 points

At 10am Sensex was down 0.12% at 34,151.86 points while the Nifty 50 edged down 0.14% to 10,466 points

On the economy front, Inflation measured by the Wholesale Price Index stood at 2.47% last month, compared with 2.48% in February.

The 30-share barometer, which cracked the 34,000-mark at the outset, hit a low of 33,899.34 on profit-booking in recent gainers amid sustained outflows by foreign funds. Nasdaq and S&P 500 was also down by 0.47 percent and 0.29 percent respectively.

UCO Bank shares sank 14% to Rs21 after the Central Bureau of Investigation (CBI) on Saturday booked the bank's former chairman and managing director Arun Kaul and others for an alleged fraud to the tune of Rs621 crore.

Wholesale inflation was 2.48 per cent in February and 5.11 per cent in March previous year.

On Friday, both the indices ended in the green due to healthy macro-economic data, along with robust buying in metals, IT and healthcare stocks.

Among Nifty50 stocks, Cipla was the top gainer, up 5.30 per cent followed by Grasim, UPL, Hero MotoCorp and Indiabulls Housing Finance, which rise between 2-2.70 per cent.

Other major losers were Tata Motors, Axis Bank, Tata Steel, ONGC, Reliance, and Bharti Airtel, falling by up to 2.71%.

The Sensex touched a high of 34,341.46 points and a low of 33,899.34 points during the intra-day trade.

The BSE market breadth was bearish with 1,445 declines and 982 advances.

The rupee fell 20 paise against the United States dollar in early trade on global trade war concerns, dip in March exports and a sharp drop in domestic equities. The historical evidence suggests geopolitical risk as an excellent opportunity "to buy the fear" as near term weakness see long term gains.