Sensex ends down 271pts at 10,538

The main index of the Bombay Stock Exchange, the Sensex, opened with a hefty negative gap of 524 points at 10,285 on the back of weak cues from global markets as fears of a major recession loomed large.

Aggressive selling in index heavyweights saw the index tumble to a low of 10,018 - down 791 points - a level last seen on 21 July 2006. Renewed buying at lower levels helped the index cut losses and touch a high of 10,787 - a recovery of 769 points.

The Sensex, however, witnessed some selling pressure towards the end of the day and finally settled with a loss of 271 points at 10,538.