Markets recoup losses on GDP data

Sensex has moved up smartly and is now up 51 points at 16,062. Nifty is up 13 points at 4,817.
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(Updated at 1134 hrs)

Markets have recovered smartly in noon trades on the back of GDP data which was in line with analyst's expectations. Sensex is down 18 points at 15,990. Nifty is down 12 points at 4,793.

According to government data, Q2 GDP growth stands at 6.9% as compared to 7.7% q-oq. Manufacturing sector has grown at 2.7%. Construction sector at 4.3% vs 6.7% (y-o-y). Services growth is at 9.3%. Mining sees a negative growth at -2.9%.

All the sectoral indices, barring FMCG continued to trade in the negative zone. The BSE consumer durables index has dropped 2% to 5,637. Realty, capital goods, metal and auto shares are also down around 1% each.

Hindustan Unilever has helped the FMCG index to remain in green. The stock is up 1.3% at Rs 392. ITC is trading flat at Rs 198.

HDFC Bank from the banking space has moved up 1.2% to Rs 439. However, other bankings hares are showing weakness. ICICI Bank is the biggest dragger among Sensex stocks and is down 1.2% at Rs 727. SBI is down 0.5% at Rs 1,748.

Pharma stocks are up. Sun Pharma has moved up 1% at Rs 514 while Cipla trades up marginally at Rs 328.

Maruti Suzuki, ONGC, Bharti Airtel and TCS ae in green this morning.

However, metal and auto shares are down. Sterlite and Jindal Steel have dropped 2% each. BHEL, Mahinda & Mahindra and Tata Motors are down 1.5% each.