Markets recover as SC rules in favour of RIL

The Sensex is now down 168 points at 16,818 and the Nifty is down 61 points at 5,029.
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(Updated at 1129am)

Supreme Court has ruled in favour of RIL by 2:1. Taking cue from this news, the stock has surged 5% to Rs 1,057. On the other hand RNRL has crashed.

Markets have recovered from its lows. The Sensex is now down 155 points at 16,834. Earlier in teh day teh index had touched a low of 16,719.

The Nifty is down at 5,031 - down 59 points.

RNRL has crashed 16% to Rs 57. Other Reliance ADAG group stocks have declined.

Among the Sensex-30 stocks, Reliance Infrastructure has slipped 6% to Rs 988. Reliance Communications has dropped 3.7% to Rs 151.

Jaiprakash Associates, Sterlite, Tata Power and Tata Motors, down 2-4% each.

Banking stocks have dropped. HDFC Bank and ICICI Bank have shed 2.7% each at Rs 1,848 and Rs 877, respectively. SBI has dropped 2.5% to Rs 2250.

DLF, Hindalco, Lasen & toubro, Wipro and BHEL have declined around 2% each.

The other major losers in the index are ITC, TCS, Bharti Airtel and Grasim.

Auto stocks - Maruti Suzukim Hero Honda and Mahindra & Mahindra have dropped 1% each.

While, HUL and ONGC are the only gainers on the Sensex, up 2% and 0.5%, respectively.

The market breadth is extremely negative, out of 2,646 shares traded, 2,062 have declined and 522 have advanced so far on the BSE.