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In a highly volatile trade, Global jitters
dampened the investor mood but the market staged a dramatic recovery in late
trade today. The Nifty defended 8100 and wiped out losses of 74 points to end
flat. Emerging market nervousness is on account of Fed rate hike fears and that
global fears may result in a correction to sub-8000 level on the Nifty.
Investors were gripped with panic at the beginning of the day as plunging Nifty
triggered fears of a meltdown. Nifty opened with a marginal downside and later
it tested a low at 8056, and finally closed at 8130 down. Sensex and
Nifty both recovered from afternoon weakness to end the slightly lower than the
previous closing. Nifty closed 8130 down around 7 points.