Sensex closes down by 63 points

A fag-end buying support helped the Bombay Stock Exchange benchmark Sensex recover most of its hefty losses but still closed down by over 60 points amid heightened concerns over economic growth which shrunk to 5.3 per cent in October-December of this fiscal.

The Sensex, which at one point had tumbled by 227 points during the day, bounced back and reduced losses before ending lower by 63.25 points at 8,891.61.

Marketmen said domestic funds resorted to buying helping avert any fall in the barometer.

India's economy grew the slowest in five year at 5.3 per cent for the third quarter against an impressive nearly nine per cent in the same period a year ago as agriculture and manufacturing contracted.

The wide-based National Stock Exchange index Nifty declines 22 points at 2,763.65. Tata Steel surged nearly five per cent after the company announced quarterly results, which were better than the market expectations.