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16 Feb 01.10 PM: Indices recover and re-test early highsnews
16 February 2006

After giving up early gains and remaining subdued till mid-morning, the indices recovered before noon. Gains in other Asian markets are helping market sentiment as select large caps are showing good gains.

The Sensex is trading higher by 66 points at 10179 at 01.10 PM. The index saw a new lifetime intra-day high of 10195 early in the morning.

The Nifty is trading higher by 12 points at 3034.

has added to its early gains and is now trading 6 per cent higher. Early in the day, the company said it would acquire a German drug company.

Steel stocks are making a come back. SAIL is now trading more than 4.5 per cent higher after a strong opening. Tata Steel has also gained nearly a per cent.

Jet Airways has also added to its early gains and has now gained nearly 3 per cent.

Cement stocks Grasim and ACC are also holding on to their early gains. Grasim has gained over 4 per cent while ACC is trading nearly 2 per cent higher.

Auto stocks are having a good day led by Tata Motors which has rallied more than 2.5 per cent. Hero Honda has gained more than 3 per cent while M&M has added nearly 2.5 per cent.

HPCL and HDFC Bank are the other major gainers.

Aluminium stocks are still weak though they have recovered from their early lows. Nalco has lost more than 2.5 per cent while Hindalco has given up more than 0.5 per cent.

Ranbaxy has also recovered from the early losses and is now trading 1.5 per cent lower.

Tata Tea has weakened further and is now trading nearly 3 per cent lower.

ITC still continues to trade lower by more than a per cent but HLL has recovered from its early losses and is trading marginally higher.

Glaxo, Gail, and ONGC are among the other losers.

Among mid-caps, tea plantation stocks are still trading with significant gains. Williamson Magor continues to be locked in the upper circuit. Jayshree Tea, Harrison Malayalam, Williamson Tea and McLeod Russell are also holding on to their gains.

Gujarat State Petronet, which got listed on the exchanges today, is now trading at Rs40.75 as against an issue price of Rs27.

Zuari Agro, Rajvir Industries, Torrent Power, Gruh Finance, Winsome Yarn and 3M India are among the major gainers in mid-caps.

*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.

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16 Feb 01.10 PM: Indices recover and re-test early highs