labels: stock markets - india, markets - general

21 Aug 01.10 PM: Markets recover; Sensex up 9 points news
21 August 2006

Gains in banking stocks and a recovery in Reliance Industries have helped the indices to recover all their losses. Asian markets continue to trade weak and Europe has also opened lower.

Sensex is trading higher by 9 points at 11473 at 01.10 PM.

Nifty is now trading lower by 2 points at 3354.

PSU banking stocks have gained further from their early levels. PNB has added close to 4 per cent and OBC is trading over 3 per cent higher. SBI has bounced back from early losses and has now added almost a per cent.

ICICI Bank has picked up strength and is now trading more than a per cent higher.

HPCL remains the best performer among index stocks, trading more than 4.5 per cent higher. BPCL has added 0.5 per cent.

HCL Tech is holding on to its gains of nearly 2.5 per cent. Infosys has gained further and is now trading more than 1.5 per cent higher.

M&M is a major gainer in early afternoon trades and has added more than 2 per cent.

Jet Airways is holding on to gains of over 2 per cent. Among other gainers, VSNL has added close to 2 per cent and IPCL is up more than 1.5 per cent.

Reliance Industries has recovered from a weak start and has added nearly 0.5 per cent.

ONGC continues to be the worst performer among index stocks, trading more than 2 per cent lower.

Most of the other stocks, which were weak in morning trades, continue to trade lower. Dabur and HDFC are still down more than 1.5 per cent each which Hero Honda is trading nearly 1.5 per cent lower.

Among metal stocks, SAIL is still down well over a per cent while Tata Steel has recovered from its lows and is trading close to a per cent lower.

Pharma Stocks, Dr. Reddy's and Ranbaxy have lost well over a per cent each.

Zee Tele, Reliance Energy and Siemens are the other major losers, all trading with losses of well over a per cent each.

GMR Infrastructure, new listing on the exchanges today, is still holding above its issue price at Rs212.

Mid-caps and small caps have gained further, as the recovery in large caps has improved the sentiment. The NSE mid-cap index is now trading with gains of over 0.65 per cent. BSE mid-cap index is trading close to 0.9 per cent higher and small-cap index has added more than a per cent each. Market breadth on the NSE remains positive with nearly 1.5 stocks advancing for every declining stock.

Air Deccan, Tips Industries, Rana Sugar, Hikal, Kernex Micro, Ramkrishna Forge, Flex Indsutries, Ramco Systems and Geodesic are among the major mid-cap gainers.

Shringar Cinema, Eurotex, IndusInd Bank, Bharat Gears and SB&T International are the major mid-cap losers.

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21 Aug 01.10 PM: Markets recover; Sensex up 9 points