It was an unexpected but a smart recovery shown by the markets as the Sensex moved up closing off day''''s lows. It opened in deep red and traded in negative terrain for major part of the day but showed sharp upmove to end with moderate losses.
Sensex recovered over 400 points from the day''''s low. Nifty recovered over 160 points from the lows. The bailout was led by heavyweights mainly by banking pivitols like SBI, PNB and ICICI Bank along with oil marketing and refiners like HPCL, BPCL and RPL.
Broader markets were underperformers but were significantly off the lows. Nifty Junior was up 1% by the close.
Among the top gainers PNB, HPCL, SBI were up 5% each, ICICI, BPCL and RPL were up 4%.
GMR Infra, RNRL, IFCI, Essar Oil were the gainers in the midcap space.
Among the frontline losers Unitech is down 8.5%, NTPC and Sterlite were down 5%. DLF down over 5%, ONGC and Reliance Energy down over 5%.
Oswal Chem, CESC, Petronet LNG, Neyvelie Lignite were the top laggards in the midcap space.
Sensex was down 76.30 points or 0.41% at 18526.32, and the Nifty down 41.70 points or 0.75% at 5519.35.
About 939 shares have advanced, 2066 shares declined, and 68 shares are unchanged.
The BSE Midcap Index ended at 8,090.84 down 1.6%.
The BSE Smallcap Index ended at 10,060.87 down 2%.
The BSE Bankex was up 2% at 10,406.24. Top losers were HDFC Bank, ICICI Bank and SBI. Midcap bank stocks were on fire with CBoP up 14%, Vijaya Bank up 13.8%.
The BSE Capital Goods Index was down 2.5% at 18,815.18. Reliance Infra, Carborundum, Larsen, Thermax closed lower.
The BSE Auto Index closed at 5,179.16 down 0.2%. Apollo Tyres, Escorts, TVS Motor, Exide Ind, Ashok Leyland closed higher.TVS Motor up 12%, Escorts up 12%, Ashok Leyland up 6.7%, LML locked at 5%.
The BSE Metal Index closed at 16,045.12 down 1.3%. Jindal Saw, Sterlite Ind, JindalStainless, NALCO, Hind Zinc closed lower.
The BSE FMCG Index closed flat at 2,103.72. United Brewerie, Bata India, Colgate, GlaxoSmith Con, Tata Tea ended lower.
BSE Oil and Gas Index closed at 11,692.07 down 0.3%. Petronet LNG, ONGC, Essar Oil, IOC ended lower.
The BSE IT Index was at 3,959.90 down 0.7%. Financial Tech, I-Flex Solution, Patni Computer, Tech Mahindra, Infosys closed lower.
The NSE cash turnover was at Rs 17472.27 crore and the NSE F&O turnover was at Rs 71149.36 crore. The BSE cash turnover was Rs 7107.99 crore. Total market wide turnover was at Rs 95729.62 crore.
Asian indices extended declines today following Wall Street''''s sell-off. Japan''''s Nikkei slipped 0.40% or 59.75 points at 14,777.91, South Korea''''s Seoul Composite declined 0.25% or 4.51 points at 1,802.48, However, Hong Kong''''s Hang Seng rose 0.67% or 179.03 points at 26,797.22, Taiwan''''s Taiwan Weighted was up 0.08% or 6.80 points at 8,490.91 and Singapore''''s Straits Times climbed 0.08% or 2.83 points at 3,350.03.