Markets recover from days low

Reliance, Bharti Airtel drag

Markets have rebounded from the day's low with selling pressure seen in metal, consumer durables and auto indices. The Sensex, after touching a low of 16,736, is now down 75 points at 16,843. Nifty is down 21 points at 5,107.

Markets are likely to remain choppy for the remaining trading session owing to the derivatives expiry on Thursday.

Asian markets were trading in the negative zone following disappointing quarterly numbers from Apple. Nikkei shed 1.4% to 8366. Shanghai Composite and Kospi were down 0.5-1.5% each.

Meanwhile, Pranab Mukherjee was today sworn in as the country's 13th President at an impressive ceremony in the Central Hall of Parliament. Chief Justice of India S H Kapadia administered the oath of office to Mukherjee in the presence of Vice President Hamid Ansari, Prime Minister Manmohan Singh, Lok Sabha Speaker Meira Kumar, UPA chairperson Sonia Gandhi, Union Ministers, Governors and a host of dignitaries.

BSE metal index shed 2% to 10,117. It was followed by the consumer durables and auto indices.

Reliance is the top Sensex dragger, down 1.2% at Rs 716. Hindustan Unilever and Bharti Airtel are down around 2% each. Jindal Steel has dropped 3%, followed by Wipro and Tata Steel. Jindal Steel reported 59% year-on-year (yoy) fall in consolidated net profit at Rs 385 crore for the quarter ended June 2012, due to a provision of Rs 574 crore for its impaired investment in Bolivia. The company had reported a net profit of Rs 933 crore in a year ago quarter.

Meanwhile, HDFC Bank added 0.8% at Rs 579. HDFC, ITC and TCS are up 0.4% each.

The Electronics Division of Bharat Heavy Electricals Ltd has commissioned the 5-MW eco-friendly grid connected solar power plant at Shivanasamudram near Mandya in Karnataka. BHEL is trading flat at Rs 218.

Infosys failed to reach agreement in a row over U.S. business visas on Tuesday and the case is set to go to trial next month, the company said. The stock is down 0.3% at Rs 2,163.

YES Bank today reported a 34% growth in net profit at Rs 290 crore for the quarter ended June 2012. It was Rs 216 crore in the same period a year ago. The stock is up 0.7% at Rs 344.

BSE market breadth is negative. Out of 2,614 shares traded, 1,563 shares declined while 939 shares advanced.