labels: stock markets - india, markets - general

Market update: Sensex recovers nearly 200 points news
06 March 2007

Helped by a recovery in other Asian indices, domestic indices are on a recovery path in early trades. Markets across Asia have bounced back today, despite the sustained down trend in US indices yesterday. Asian indices are trading with good gains and Thailand is the only loser among major markets.

Sensex opened at 12573 and touched a high of 12721. The index is trading higher by 198 points at 12613 at 11.10 AM.

Nifty opened at 3577 and saw a high of 3666. The index is now trading higher by 60 points at 3636.

Maruti is the best performer among index stocks with gains of over 4 per cent. Tata Motors has recovered over 3 per cent.

Among oil & gas stocks, BPCL and Gail India are trading with gains of close to 4 per cent each. HPCL is up over 2.5 per cent.

Reliance Industries has gained over 2 per cent and ONGC is trading nearly 1.5 per cent higher.

ICICI Bank has bounced back over 3 per cent while SBI is trading over 1.5 per cent higher.

Among the smaller banking and financial services stocks, Kotak Mahindra and IDFC have recovered over 4 per cent each.

Wipro, which was the biggest loser among tech stocks in recent sessions, is leading the bounce back in the sector with gains of nearly 4 per cent. Infosys has added nearly 3 per cent and TCS is up 2 per cent.

Jet Airways, which had slipped substantially, has recovered over 3 per cent.

MTNL, Dr. Reddy's and BHEL are the other major gainers.

There are only 5 losers among Nifty stocks. Hindalco is the worst performer with losses of nearly 3 per cent while SAIL has slipped another per cent.

Hero Honda has lost over 3 per cent.

IPCL is down 1.5 per cent and HDFC Bank has lost nearly a per cent.

Mid-caps and small caps also started the day on a very firm note, but have already shed part of their gains. The NSE mid-cap index is now trading with gains of over 0.9 per cent. BSE mid-cap index has added over 0.75 per cent and the BSE small-cap index is trading with modest gains of nearly 0.4 per cent. Market breadth on the NSE is positive in early trades with nearly 2 stocks advancing for every declining stock.

Moser Baer has surged nearly 6 per cent on yesterday's announcement of a large silicon wafer plant.

Punjab Tractors has added over 3 per cent on reports that bidders including Tata Motors, M&M and Ashok Leyland have submitted their offers for acquiring a 43 per cent stake in the company.

IFCI has recovered 4 per cent after the steep fall of previous two sessions and ING Vysya is trading over 3 per cent higher.

Shrenuj Diamonds, Sundaram Clayton, Plastiblends, Williamson Magor, Elgi Tyre, Nagreeka Exports and Khandwala Securities are the major mid-cap gainers.

Siyaram Silks, Lanxess ABS, BSL, Cybertech, Ruchi Infrastructure, AI Champdany, Shreyan Industries and Jai Corp are the major mid-cap losers.

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Market update: Sensex recovers nearly 200 points