Markets recover, Nifty hits 8,400; Vedanta gains 3%

Vedanta, Hero Moto, Tata Power, Wipro and Infosys are top five Sensex gainers, up between 1-3.5%

Markets have recovered from day’s low and are trading marginally positive led by IT and capital goods majors.

At 12:20 PM, the Sensex was up 64 points at 27,751 and the Nifty is quoting at 8,396, up 22 points.

The top gainers on the Sensex are Vedanta, Hero Moto, Tata Power, Wipro and Infosys, all surging between 1-3.5%.

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Updated at 11:40

Benchmark indices are trading flat with negative bias led by selling among financial shares. However, buying among information technology shares have limited the down slide.

At 11.40 AM, the Sensex has lost 26 points at 27,661 and the Nifty is quoting at 8,368, down 51 points.

However, the broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up almost 1% each.

The market breadth is positive with 1,399 shares advancing versus 832 shares declining on the BSE.

In corporate results, Tata Power and Colgate Palmolive are set to declare their March quarter numbers during the day.

Further, foreign portfolio investors sold shares worth a net Rs 202.12 crore yesterday, 18 May 2015, as per provisional data.

SECTORS & STOCKS

BSE Healthcare, Consumer Durables and Oil & Gas indices are trading marginally lower. However, sectors like financials, auto and FMCG are trading marginally positive.

The main losers on the Sensex are ONGC, HDFC, Tata Motors, HUL and ICICI Bank.

After investing more than two years on its development, Tata Motors will commercially launch the GenX Nano today.

On the gaining side, Hero Moto, Vedanta, Tata Power, Infosys and Wipro have gained between 1-2%.

SMART MOVERS

Shares of Bharti Infratel have moved higher by 3% at Rs 431, extending their past four day’s gains on the NSE, after the company was included in the list of stocks in MSCI Global Standard Index.

Shares of JBM Auto dipped 11% to Rs 212 on the NSE after reporting a 15% year-on-year decline in its consolidated net profit at Rs 17.58 crore for the fourth quarter ended March 31, 2015 (Q4), due to lower operational income.

Sterlite Technologies has rallied 11% to Rs 73, extending its previous day’s 4% gain on the NSE, after reporting nearly fourfold jump in its standalone net profit at Rs 39.13 crore for the fourth quarter ended March 31, 2015 (Q4).