Indian markets rebound after 1,150 point drop but close lower
Business
The Indian stock market had a roller-coaster Wednesday. After a sharp morning drop (Sensex fell over 1,150 points and Nifty tumbled too), both indexes made a solid comeback by midday, trimming part of the losses.
Still, they couldn't quite shake off the red: Sensex was down 0.81% and Nifty slipped 0.66%.
Sensex recovers nearly 500 points
The early plunge got investors buying at lower prices, which helped Sensex recover nearly 500 points from its lowest levels, while Nifty recovered by about 177 points.
Market volatility (tracked by India VIX) spiked but calmed down later in the day, easing nerves.
Analysts noted that Nifty found support around 23,420 and faces resistance at 23,600, so more ups and downs could be ahead.