Markets stage smart recovery

Markets have recovered smartly in mid-morning trades on shortcovering in select shares and political events across the country. Bargain hunting was witnessed in frontline stocks. The Sensex recovered over 280 points from the morning low of 18,281. The index was up 207 points at 18,543. Nifty was up 62 points at 5,547.

The Sensex had fallen 250 points on Thursday, following which short covering was seen today. Heavyweights buoyed the index this morning - led by ICICI Bank. Reliance and Larsen & Toubro contributed nearly 30 points to the index's upmove.

The state assembly election results are set to come out today. Markets continue to be upbeat about the possibility of Congress and alliance parties making a comeback this year.

All the sectoral indices were in the green. BSE metal index jumped 1.5%, followed by FMCG and bankex. Auto power and realty indices gained smartly as well.

Hindalco surged 2% to Rs 200. Sterlite jumped 1.8% to Rs 171.

ITC, DLF, Hero Honda and Jaiprakash Associates gained around 2% each. Among other prominent gainers, ICICI Bank was up 1.7%, as well as ONGC and Bharti Airtel. IT stocks -  TCS and Wipro advanced 1.3% each.

Meanwhile, Oil marketing companies (OMCs) has slipped after the government finalised its subsidy package. HPCL shed 1% at Rs 384, BPCL was down 1% at Rs 653 and IOC traded flat at Rs 347.

BSE market breadth was positive. Out of 2,204 stocks traded, 1,441 advanced while 655 declined.