It was not a bad closing after all. Just when we seemed headed the same way as Monday's closing, in light of the prevailing nervousness on the global front, a late surge in FMCG and auto stocks led to a partial reversal in the early losses.
The Sensex recovered nearly 200 points from its intra-day lows to end at 17961, lower by 61 points and the Nifty regained the 5400 mark to end at 5402, down 13 points.
Wall Street had fallen overnight as worries about the pace of economic recovery overshadowed data showing a rise in consumer spending and income.
The Dow ended precariously above the 10k at 10,009, down 1.39%, Nasdaq fell 1.5% to 2,119 and S&P was down 1.47% at 1049.
Asia was no different; Japan's Nikkei shed more than 3% to a 16-month closing low as the Bank of Japan's emergency moves failed to curb the yen's strength, and dragged its other regional peers such as Hang Seng, Taiwan and Shanghai, down by around a percent each.
And the European markets were also on a slippery ground, with the benchmark indices in England, Germany and France shedding around a percent each in mid-day trades.
The robust first quarter GDP growth provided no solace to a nervous Street. The economy grew by 8.8% during the quarter ended June on the back of impressive growth in manufacturing output.
Manufacturing expanded by strong 12.4% in the April-June quarter as against a mere 3.8% growth in the same period last year. And construction grew from 4.6% to 7.5% during the same period.
