Sensex flat; Metal, IT stocks gain
The Sensex after a strong start on global cues dropped to a low of 16,342 - down 184 points from the day's high. The index has recovered from its low and is now up 34 points at 16,390.
The Nifty is down marginally at 4,895.
Mid-cap and small-cap indices have outperformed the broader markets. The BSE metal, IT and realty indices have gained over 1% each.
Metal stocks have surged in noon trades. Hindalco has rallied 4% to Rs 155. Sterlite has jumped 2.5% to Rs 771. Tata Steel has gained 2% at Rs 589.
DLF and HDFC have added 2% each to Rs 340 and Rs 2,433, respectively. Sun Pharma is up 2% at Rs 1,538.
Grasim, TCS, Infosys and Tata Motors are the other gainers in the index today.
On the other hand, NTPC has dropped 1.6% to Rs 208 after a dissapointing pricing of its follow-on-public offer. HDFC Bank has slipped 1.4% to Rs 1,583.
The BSE market breadth is positive. Out of 2,736 stocks traded, 2,000 have advanced while 670 have declined.