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23 May 11.10 AM: Indices gain after initial volatilitynews
23 May 2006

Markets started the day in exactly the same fashion as the last two sessions. The indices opened with a large positive gap, came down sharply and slipped deep into the red.

However, unlike the last two sessions, the markets have managed to recover and the indices are holding on to their gains. Many frontline stocks are seeing some buying in early trades today.

Sensex opened above 10500 and touched a low of 10220 before recovering to touch a high of 10640. The index is trading higher by 85 points at 10567 at 11.10 AM.

Nifty opened at 3069, declined to a low of 2997 before recovering to a high of 3141. The index is trading higher by 34 points at 3115.

Zee Tele is the biggest gainer among index stocks, having rallied nearly 7 per cent. At one point, the stock was trading with gains of nearly 10 per cent.

Steel stocks have bounced back in early trades. SAIL is trading more than 6.5 per cent higher while Tata Steel has added more than 3 per cent.

Among the heavyweights, ONGC and Reliance Industries have added over 2 per cent each.

Telecom stocks are also doing well in morning trades. VSNL has added close to 6.5 per cent while MTNL is trading nearly 4 per cent higher.

Select engineering stocks have recovered from the sharp fall. Siemens is trading more than 6 per cent higher while BHEL has added over 4 per cent.

Wipro is the biggest gainer among technology stocks, trading nearly 2.5 per cent higher. Satyam and Infosys have added over a per cent each. TCS is continuing the downtrend and has lost close to another 1.5 per cent.

Cement stocks are also doing well in early trades. Grasim is the biggest gainer in the sector, trading nearly 5.5 per cent higher. ACC and Gujarat Ambuja have added around 3 per cent each.

Jet Airways, the biggest loser in yesterday's trade, has recovered and is trading nearly 5.5 per cent higher.

Tata Motors is the best performer among autos, trading more than 4 per cent higher. Maruti is trading with gains of 3.5 per cent. M&M is weak and has shed nearly 3 per cent.

IPCL, ITC and Tata Tea are among the other gainers.

HDFC Bank is the biggest loser among index stocks, trading nearly 4 per cent lower.

Select pharma stocks are weak in early trades. Cipla has lost nearly 3 per cent while Dr Reddy's is trading almost 2.5 per cent lower.

Two-wheeler stocks are also weak with Bajaj Auto dropping nearly 3 per cent. Hero Honda has lost over 2.5 per cent.

ABB, PNB and HLL are among the other losers.

Mid-caps also saw considerable volatility in opening trades. The index slipped into the red and was trading more than 2.5 per cent lower at one point before recovering. The index is now trading with modest gains of around 0.2 per cent. Market breadth has picked up on the NSE and is now almost neutral.

Some of the liquid mid-caps have bounced back strongly. Bata India, IVRCL Infrastructure and Essar Oil are among the major gainers.

Shiv-Vani Oil, Lumax, Nicholas Piramal and Flex Industries are among the gainers in mid-caps.

BSEL Infrastructure, Mahindra Gesco, NEC Life and Mastek are among the mid-cap losers.

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23 May 11.10 AM: Indices gain after initial volatility