Markets recover partially

Broader markets outperform

Markets have recovered partially in the morning trades. The Sensex is down 32 points at 18,662 and the 50-share Nifty is down 6 points at 5,668.

According to Shshank Mehta, Derivatives Strategist, Shah Investor's Home, "Currently, Nifty Futures is trading at sub-5700 levels. We believe Nifty has very strong support at around 5620-30 levels. Also, the shorts that were created in the system may roll their positions in the next series and will come to cover their positions pushing Nifty up from current levels."

"We do not recommend SELL at any level in NIFTY. The other key trend that we are tracking is out performance in BANK NIFTY which is a positive and aid the broader momentum in other front-line counters," adds Mehta.

The recovery is led by buying visible in the realty, FMCG, healthcare and oil & gas stocks. The BSE realty index is the top sectoral gainer. The index has advanced 1.6% or 30 points to 1,871. Healthcare, FMCG, consumer durables and oil & gas indices are up 0.4-0.8% each.

On the other hand, the BSE Capital goods index is the top sectoral loser. The index is down 0.5% or 52 points at 10,842. Teck, metal, IT, power, PSU and bankex indices are also in the red, down 0.2-0.5% each.

Among the Sensex stocks, Bharti Airtel is the top loser, down nearly 3% at Rs 268. Coal India, BHEL, Tata Power, Hindalco, HDFC Bank, Tata Motors, Larsen & Toubro and Infosys are also trading on a weak note, down 0.7-1.6% each.

At the same time, Cipla is the top Sensex gainer, up 1.7% at Rs 369. Gail India, Hero MotoCorp, HUL, ITC, Sun Pharma, Tata Steel, State Bank of India, Mahindra & Mahindra and Reliance Industries are also trading higher by 0.3-1.4% each.

Among the individual stocks, Pennar Industries has jumped nwearly 4% to Rs 26.60 on the Bombay Stock Exchange (BSE) after the company said it has bagged fresh orders worth Rs 70 crore.

SpiceJet has rallied nearly 6% to Rs 37.65 on reports that the company is in advanced talks with two private equity investors to raise at least $50 million via stake sale.

Vijay Mallya owned Kingfisher Airlines took off with over 4% gains at Rs 15.05 in the opening deals ahead of its AGM today.

The broader markets are outperforming the benchmark indices. The BSE mid-cap index is up 0.7% at 6,527 and the small-cap index has advanced 0.9% to 6,965.

The overall breadth is positive as 1,418 stocks are advancing while 944 are declining.