Markets have a steady session

The markets seem to be taking time to collect themselves after the turmoil of recent days. While the Sensex has given up about 100 points from its day's highs, it is still comfortably perched above the previous day's levels and there is no sign of the nervousness that has been its nemesis in the recent past. The Sensex is quoting at 16509, higher by 101 points, and the Nifty is at 4945, up 25 points.  The broader markets have also trimmed some of their gains. The midcap index is now up 0.1% at 6792 and the smallcap space is up 0.3% at 8620.

All the sectoral indices on the BSE are in the green. ONGC has galloped by 7.6% at Rs 1107 on the BSE after the Union Cabinet effected an increase of over 113% in the prices of natural gas produced by the company. Telecom stocks have risen as the 3G spectrum auctions ended on Wednesday. Reliance Communication has strengthened by 2.1% at Rs 139 and Bharti Airtel has added 0.9% at Rs 262. SBI has strengthened by 2.1% at Rs 2263 and index heavyweight Reliance Industries has edged higher by 0.8% at Rs 1007 on bargain hunting after its steep recent fall.

On the losers side, Grasim has weakened by 3.2% at Rs 2492, DLF has lost 1.4% at Rs 274 and Jaiprakash Associates has shed 1.2% at Rs 119. And Satluj Jal Vidyut Nigam (SJVN) has had a disappointing debut on the bourses. The debutant is trading at Rs 24 against its issue price of Rs 26 on the National Stock Exchange (NSE), which amounts to a discount of 4%.

The market breadth is quiet positive. Out of 2270 stocks traded on the BSE, there are 1230 advancing stocks as against 944 declines.