Seoul - Shares tumbled 3.4 per cent Monday on

After a depressing start and a subsequent sharp fall, Indian equities made a smart recovery this morning on the back of some spirited buying action in some of the frontline stocks.

IT, power and consumer goods gained ground, whereas realty and banking stocks went down due to the expected rate cut not happening during the last weekend.

BSE Midcap and Smallcap index gained 0.11% and 0.31% respectively.  

At 11:00 a.m., the 30-share index BSE Sensex, which tumbled to a low of 8708.85 after opening at 8840.53, rallied to 8,961.14, up 45.93 points.

India,

The Securities and Exchange Board of India, on Thursday said that short term selling is not a cause of market meltdown. SEBI Chairman futher added that it would not stop short selling as a regulator at this point of time. 

New York  - US stocks surged Friday on news that president- elect Barack Obama would tap New York Federal Reserve Chairman Timothy Geithner to head the Treasury.

The Dow Jones Industrial Average and the Standard & Poor's 500 Index both gained more than 6 per cent on Friday, one day after the S&P had reached an 11-year low. The Dow hit a five-year low on Wednesday.

Singapore - Singapore shares rose Friday, making a technical turnaround on news of the government's financial support to local businesses.

The Straits Times Index rose by 2.67 per cent or 43.12 points to close at 1,657.07.

The Singapore Exchange closed with 208 gainers against 182 losers in thin trading, with volume of 934.8 million shares.

Analysts and economists said the market regained some ground after having been on the downward trend for the week.