The Bombay Stock Exchange benchmark, Sensex, on Friday staged partial recovery after the Reserve Bank of India reduced CRR by further one percent and pared nearly half the early morning losses of over 1,000 points.
The Sensex was quoted at 10,904.13, down by 424 points at 1050 hrs after most of the heavy-weight stocks pared early losses. In early morning trade, Sensex had plummeted by 1,088 points at 10,239.76 points.
Similarly, the wide-based National Stock Exchange's Nifty was trading 99 points down at 3,334.65 after hitting a low of 3,198.95 points in early trade.
Market analysts said the Reserve Bank of India's announcement of additional one percent cut in Cash Reserve Ratio (CRR) to 7.50 percent would improve liquidity situation in the market.
The RBI's announcement to inject about Rs 60,000 crore into the cash-strapped system lifted the market sentiments, which brought some relief to the tumbling market, brokers
said.
The BSE banking index was down by 5.42 points at 5,459.25 after diving by nearly 11 percent in opening trade.
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