Mumbai: September 10, 2008 -  Markets opened gap-down mirroring weak global markets but soon recovered from lows as buying emerged in IT heavyweights.

At 10:10 am, Bombay Stock Exchange’s Sensex was at 14,802.13, down 98.63 points or 0.66 per cent. It touched a high of 14,836.82 and low of 14,714.52.

National Stock Exchange’s Nifty was at 4,445.20, down 33.3 points or 0.75 per cent. The broader index touched a high of 4,467.50 and low of 4,416.95.

“The market went numb ever since crude broke the $109. The other problem is that the US government bailed out the Freddie-Fannie. Now who is going to bail out Uncle Sam who took additional liability of $6 trillion. Next few sessions are quite dangerous. Indices have a lifeline till 14,000 for the Sensex and 4,150 in the Nifty. There are earlier supports at 14,438 in the Sensex and 4,328 in the Nifty,” said Anagram Stock Broking.

Biggest Sensex gainers were Ranbaxy Laboratories (1.98%), DLF (1.34%), Wipro (1.05%), ACC (0.97%) and Satyam Computer (0.86%).

Losers comprised Sterlite Industries (-5.66%), ICICI Bank (-1.86%), HDFC Bank (-1.24%), Mahindra & Mahindra (-1.03%) and Reliance Industries (-0.93%).

Shares of major largecap IT companies were in the green as rupee declined 44.89 against the dollar. Market breadth remained negative with 752 declines against 657 advances on BSE.