Markets recover partially

Markets have recovered most of its losses but continued to trade in the red. Buying was visible in the capital goods, oil & gas and power stocks.

The Sensex which touched its lowest in over 5 months at 18,038 in morning trades was now at 18,289 lower by 104 points and the Nifty was at 5492 down 19 points.

Jaiprakash Associates was the top loser on the Sensex followed by TCS, Bharti Airtel, ITC, HDFC, Sterlite Industries, Tata Power and Hero Honda.

On the other hand ONGC was the top gainer followed by Hindalco Industries, BHEL, Mahindra & Mahindra, Wipro, State Bank of India, ICICI Bank, Maruti Suzuki and Reliance Industries.

The BSE Capital Goods index was the top gainer on the sectoral charts, the index added 283 points or 2.2% at 13,382 followed by Oil & Gas index up 152 points or 1.6% at 9519. Power index was up by 29 points or 1% at 2737. Consumer Durables, BSE banking indices- Bankex, Healthcare and Auto indices which were in the red also bounced back into the green. While IT,Teck, Rralty, FMCG and Metal indices continued to reel under the selling pressure down 0.2-1.7% each.

Siemens was the top gainer on the cpital goods charts the stock was trading higher by 18% at Rs 860 after the company received an open offer from parent company, Siemens AG, to buy a stake of 19.8% from the company.

ABB, Crompton Greaves, BHEL, Alstom Projects, Bharat Electricals and Thermax were also among the gainers up 1-4% each. On the oil & gas charts ONGC was the top gainer followed by GAIL, Oil India, index heavyweight Reliance Industries, Indian Oil and Petronet LNG.

TCS continued to remain the top loser on the IT index followed by Cora Projects, Infosys, Mphasis, Tech Mahindra and Oracle Financial Services Software.

The broader markets also recovered most of their losses the BSE mid-cap index was lower by 49 points at 6848 and the small-cap index was at 8465 lower by 81 points.

The market breadth was negative as 1728 stocks declined while 1028 stocks advanced.