After touching new lifetime intra-day highs, both Sensex and Nifty are holding on to their gains. Some of the Asian markets like South Korea and Shanghai have recovered though the Japanese Nikkei is still trading lower.
The Sensex has declined below 10100 and is trading higher by 50 points at 10095 at 01.10 PM.
The Nifty has also declined from its early highs and is trading at 3022, higher by 13 points.
L&T has added to its early gains and has recovered all the losses of Wednesday and is trading nearly 5 per cent higher.
Hindustan Lever also has built on its early gains and is trading with gains of close to 4 per cent.
Zee Tele is also holding on to its gains of around 4 per cent. Cipla has given up part of its early gains and is now trading higher by 3 per cent.
Select telecom stocks are seeing buying interest after the PSU players BSNL and MTNL announced the One India plan. There is also talk of MTNL getting another huge income tax refund. MTNL and VSNL have added close to 3 per cent each.
Hero Honda and M&M have added more than 2 per cent each while Tata Motors is holding on to its gains.
Canara Bank is trading 10 per cent higher.
The rally in its ADR yesterday has pushed up Satyam Computers by more than 2.5 per cent.
ICICI Bank is still the biggest loser on Nifty. The stock has lost of more than 2 per cent. HDFC Bank has recovered from early weakness.
Bharti has given up more than 1.5 per cent while Infosys has lost more than a per cent.
Aluminium stocks Nalco and Hindalco are also trading weak.
Dabur, Tata Steel and ACC are among the other losers.
Mid-caps are in a much better position today and the CNX Mid-Cap index has touched a new lifetime high.
Tea stocks are still trading firm with Williamson Magor the major gainer locked in the 20 per cent upper circuit. Jayshree Tea, McLeod Russel and Harrison Malayalam are also trading higher.
Deccan Chronicle and Noida Toll are among the other gainers.
*Disclaimer:The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.