labels: stock markets - india, markets - general

24 Aug 01.10 PM: Sensex recovers; down only 14 points news
24 August 2006

Markets have recovered considerably, helped by the up move in Reliance Industries and select other stocks in oil and gas and cement sectors. Asian markets continue to trade weak and Europe has opened lower.

Sensex is trading lower by 14 points at 11393 at 01.10 PM.

Nifty is now trading lower by 2 points at 3334.

Sectors which were weak in morning trades continue to be so, though the stocks have come off their lows. ABB is the worst performer among index stocks, trading 1.5 per cent lower.

Among other engineering stocks, Suzlon is down more than a per cent while L&T and BHEL are trading with losses of nearly a per cent each.

ICICI Bank is the worst performer among banking stocks, down more than a per cent. HDFC Bank and HDFC are trading nearly a per cent each lower

Infosys has lost ground in early afternoon trades and is now down nearly a per cent.

Other early losers like Grasim and SAIL also continue to trade with losses of over a per cent each.

Reliance Industries has made a smart recovery and is now trading nearly 1.5 per cent higher.

Gail India has gained more than 2 per cent on reports that the government would raise the selling price of natural gas. BPCL is holding on to its gains of over a per cent.

Glaxo is the best performer among index stocks, trading more than 3 per cent.

PNB has made a good move and is now trading more than 2 per cent higher.

Select cement stocks have also gained ground, led by Gujarat Ambuja which has added close to 2 per cent. ACC is trading more than 0.5 per cent higher.

Zee Tele is another mover and is trading nearly 2 per cent higher.

Others like Tata Tea and Hero Honda are holding on to gains of around a per cent each.

Mid-caps and small caps have recovered much of the lost ground. The NSE mid-cap index is now trading with losses of over 0.2 per cent. BSE mid-cap index is trading more than 0.15 per cent and the small-cap index is trading close to 0.1 per cent lower. Market breadth on the NSE continues to be negative with more than 1.5 stocks declining for every advancing stock.

Sundaram Fasteners, which announced a bonus issue yesterday, has added 7.5 per cent. Malu Paper, the best performer in morning trades, is trading 6 per cent higher.

KRBL, HMT, Entertainment Networks, Lumax Industries, Mid-Day, Allsec, Hitech Gear and Indraprastha Medico are among the major mid-cap gainers.

Property stocks have recovered but Mahindra Gesco has slipped again and is trading with losses of nearly 5.5 per cent.

BIL, Fedders Lloyd, Shiv-Vani Oil, Lumax Auto and FACT are the major mid-cap losers.

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24 Aug 01.10 PM: Sensex recovers; down only 14 points