 "Markets recover from early morning lows as RIL gains")
Markets recovered from early losses as buying interest emerged in Oil & gas and banking shares following positive WPI inflation numbers. The BSE Sensex, after touching a low of 18144 managed to recover to a high of 18424. The index is now trading up 88 points at 18,330. Nityf is up 42 points at 5,570.
March WPI inflation came in at at 5.96% which is lowest in 40 months. Jan WPI inflation revised to 7.31% y/y from 6.62% earlier.
Japan's Nikkei share average dropped on Monday, moving further away from near five-year highs tapped last week as exporters lost ground after weak economic data from China and the United States raised concerns over the outlook for the global economy. The Nikkei fell 1.6 percent to 13,275.66, retreating from July 2008 levels of 13,568.25 tapped on Friday.
Bank stocks edged higher on hopes of interest rate cut from the Reserve Bank of India after latest data released by the government today. Bankex was ip 1% at 6559.
BSE oil & gas index surged 2.5% at 8568. Europe's second biggest oil firm BP Plc head Bob Dudley and his partner Reliance Industries Chairman Mukesh Ambani today sought clarity on pricing of natural gas as they felt an interim arrangement being considered by the government was inadequate.
BSE PSU index gained 1.6% at 6559 following news that Public Sector Units (PSUs) in the Indian economy accounted for $383 billion turnover in FY12 with a revenue growth of 11% since 2009.
According to a study on Indian PSU Landscape by Zinnov, a market expansion and globalisation advisory firm, Indian PSUs are expected to witness a turnover of more than $1 trillion by 2020 and a large part of the growth will be attributed to investments in modern forms of IT including cloud, big data & mobility.
Meanwhile, BSE IT index was down 1% at 5969. Consumer duarbels, auto and metal indices remained in red as well.
Tata Motors has slipped 2.3% at Rs 269. Mahindra & Mahindra and Hero Motocorp also declined around 1% each. From the metal space, Sterlite shed 2.3%, Tata Steel and Hidnalco were down 1% each. Dr Reddy's, Cipla, Tata Power and TCS were key losers in the index right now.
On the other hand, ONGC added 4.7% at Rs 323. SBI was up 2.7%, followed by Reliance, Bharti Airtel and Larsen & Toubro.
BSE market breadth was positive. Out of 2323 stocks traded, 1217 shares advanced while 971 shares delcined in trades.
March WPI inflation came in at at 5.96% which is lowest in 40 months. Jan WPI inflation revised to 7.31% y/y from 6.62% earlier.
Japan's Nikkei share average dropped on Monday, moving further away from near five-year highs tapped last week as exporters lost ground after weak economic data from China and the United States raised concerns over the outlook for the global economy. The Nikkei fell 1.6 percent to 13,275.66, retreating from July 2008 levels of 13,568.25 tapped on Friday.
Bank stocks edged higher on hopes of interest rate cut from the Reserve Bank of India after latest data released by the government today. Bankex was ip 1% at 6559.
BSE oil & gas index surged 2.5% at 8568. Europe's second biggest oil firm BP Plc head Bob Dudley and his partner Reliance Industries Chairman Mukesh Ambani today sought clarity on pricing of natural gas as they felt an interim arrangement being considered by the government was inadequate.
BSE PSU index gained 1.6% at 6559 following news that Public Sector Units (PSUs) in the Indian economy accounted for $383 billion turnover in FY12 with a revenue growth of 11% since 2009.
According to a study on Indian PSU Landscape by Zinnov, a market expansion and globalisation advisory firm, Indian PSUs are expected to witness a turnover of more than $1 trillion by 2020 and a large part of the growth will be attributed to investments in modern forms of IT including cloud, big data & mobility.
Meanwhile, BSE IT index was down 1% at 5969. Consumer duarbels, auto and metal indices remained in red as well.
Tata Motors has slipped 2.3% at Rs 269. Mahindra & Mahindra and Hero Motocorp also declined around 1% each. From the metal space, Sterlite shed 2.3%, Tata Steel and Hidnalco were down 1% each. Dr Reddy's, Cipla, Tata Power and TCS were key losers in the index right now.
On the other hand, ONGC added 4.7% at Rs 323. SBI was up 2.7%, followed by Reliance, Bharti Airtel and Larsen & Toubro.
BSE market breadth was positive. Out of 2323 stocks traded, 1217 shares advanced while 971 shares delcined in trades.