Long-only funds save market from sharp fall

arket recovered smartly on Friday after indices fell to the lowest levels in the ongoing correction of past two days.

Brokers are of the view that ‘long-only funds’ and domestic institutions must have entered to prevent a drastic loss.

BSE's Sensex closed 438 points down at 17,559.98, but up from the day’s low of 17,226.

NSE's Nifty ended 126 points lower at 5215.3, recovering from the low of 5,102.

Market breadth on BSE showed 2,162 declines and 570 advances, while on NSE, 1,023 shares fell and 161 gained.

“It looks like most of the pain is out of the system and the market is offering good opportunities at these levels,” said Manish Sonthalia, vice-president equity strategist at Motilal Oswal.

He said investors should remain focused in large cap stocks and at these levels markets look to be somewhere near bottom.