After record lows,Sensex,rupee get

The Sensex eked out modest gains as sporadic buying emerged a day after the market slid to its lowest close in more than three years. The 30-share BSE index ended up 0.23 per cent,or 19.2 points,at 8,446.49. However,there was little conviction of a turnaround,with trading seesawing through the session on a dented outlook for corporate earnings in the slowing economy.

Beaten-down bank shares initially rose but a grim outlook for the sector drove them lower. ICICI Bank dropped 4.1 per cent to Rs 284.30,its worst close in almost four and a half years on worries about its exposure to Russian companies that were struggling to stay afloat. The bank slumped 21.2 per cent in February,and more than 13 per cent in March,pushing its market value below that of private-sector rival HDFC Bank. Reliance Industries recovered 0.9 per cent to Rs 1,209.60 after falling for three days. Tata Steel initially rose 4.6 per cent but pared gains to 0.6 per cent at Rs 156.70 after Moodys downgraded its rating.