Markets in recovery mode

The markets are on the path to recovery, thanks to the strength in consumer durables, auto and metal sectors. The Sensex has retraced nearly 150 points from its intra-day lows and is now down merely 50 points at 16,300 and the Nifty is flat at 4878.

The indices had opened soft following weakness across Asia.

Infosys and Hindustan Unilever are down 2.5% each at Rs 2,413 and Rs 237, respectively. And in the banking pack, HDFC Bank has weakened by 1.2% at Rs 1610 and SBI has shed 1.21% at Rs 2033.

M&M has strengthened by 2% at Rs 1040, Maruti has gained 1.9% at Rs 1417 and Tata Steel has added 1.8% at Rs 579. Bharti Airtel, Grasim amd Sun Pharma are the other prominent gainers.

Reliance has recovered from its day's lows of Rs 1035, and is now trading marginally higher at Rs 1051.

The market breadth is positive. Out of 2,467 shares traded on the BSE, there are 1,906 advancing stocks as against 518 declines.