Markets recover from early lows

Markets recovered from early lows as heavyweights gained. The Sensex gained 137 points at 17,769.

Nifty was up 50 points at 5,313.

Markets continue to show volatility ahead of the Railway Budget and Econopmic Survey scheduled for later this day. Investors will also be looking at Monday's annual Budget for direction.

BSE bankex jumped 2% to 11,838. FMCG and realty indices were also up 1% each.

ICICI Bank was the biggest contributor to the Sensex's upmove and was up 2.7% at Rs 980. Market heavyweight, Reliance Industries jumped 1% to Rs 975.

Tata Motors gained 3.2% at Rs 1,093. SBI and Jaiprakash Associates were up 2.5% to Rs 2,593 and Rs 81, respectively.

ITC, Bharti Airtel, Wipro, HDFC and Larsen & Toubro advanced in morning trades.

Meanwhile, MphasiS crashed 20% at Rs 501 as consolidated net profit dipped by 15.5% to Rs 226.67 crore in the quarter ended January 31, 2011, over the same period last year.

Maruti Suzuki and Hero Honda were among the auto losers - down 1.5% each at Rs 1,154 and Rs 1,468, respectively.

Hindalco and Sterlite were down around 1% each. Hindustan Unilever, Reliance Infrastructure, Bajaj Auto, Tata Power and TCS were also in red.

Railway stocks are in focus this morning, ahead of the Railway Budget. Kalindi Rail was flat at Rs 134. Taxmaco gained 2.5% at Rs 42. Titagarh Wagons jumped 2% to Rs 389. Container Corporation was up 1% at Rs 1,107.