Markets recover from day's low; Sensex reclaims 23,000

Markets have recovered from day’s low and have turned choppy with the S&P Sensex reclaiming 23,000 mark.

At 14:05 pm, the Sensex has fallen 32 points to trade at 23,061 and the Nifty cracks 21 points to quote at 6,998.

The top losers from the Sensex pack are GAIL, SBI, Bajaj Auto, Infosys and Adani Ports, all falling between 1%-3%.

On the gaining side, Coal India, Sun Pharma, HDFC, Cipla and ONGC are up 1%-3%.   

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Updated at 13;20 pm

Markets have slipped further with Sensex trading below the crucial 23,000 mark weighed down by losses in Index heavyweights while the capital goods stocks retreated post the presentation of the Railway Budget.

At 1:20 pm, the Sensex has fallen 95 points to trade at 22,994 and the Nifty cracks 37 points to quote at 6,981.

ALSO READ: Railway Budget aims at 'yatri ki garima', 'rail ki gati', 'desh ki pragati': Suresh Prabhu

STOCK TRENDS POST RAIL BUDGET

Stocks of companies related to railway are trading in a volatile manner. Hind Rectifiers, Kalindee Rail, Texmaco Rail, Stone India, Simplex Castings KernexMicrosystems Titagarh Wagons have eased between 2%-5%. Stocks of cement companies are trading mixed.  ACC is down 2%, Ultratech Cement is flat while Ambuja Cement is down 0.6%, JK Cement dips 5%.

According to Ajay Bodke, CEO & Chief Portfolio Manager - PMS, Prabhudas Lilladher Private, "The Railway Minister has successfully navigated a very challenging economic environment and expected burden of VII Pay Commission on salaries by presenting a growth-oriented budget that  emphasizes on aggressive capacity build-up with an enhanced capex of Rs 1.21 lakh crores (44% YoY growth of BE FY17 over RE FY16) that is likely to have a 5x economic multiplier on aggregate demand over the medium term. The Budget lays a focused roadmap on rapid enhancement in commissioning of broad gauge lines to 7km/day in FY17 as against 4.3 km/day over the last 6 years and eventually taking it to 19km/day in FY19 and has increased outlay for railway electrification by 50% YoY to 2000kms in FY17."
 

Shares of Logistic companies are trading positive: Container Corporation of India up 0.4%, Gateway Distripacks up 1%, Allcargo Logistics up 1%, Gati up 0.7% and Timken up 2%.

Shares of railway-related technology firms are trading mixed. MIC Electronics up 3%, Zicom Electronic up 5% and Stone India down 2%. Zicom Electronic gains on Rail Budget proposal for CCTV set up for surveillance.

Stocks of cement companies are trading mixed.  Acc (down 1.5%), Ultratech Cement (up 0.2%) , Ambuja Cement (0.3%), JK Cement (down 2%), Shree Cement (up 0.2%).

Largely the shares of steel companies are trading positive with JSW Steel, Tata Steel, SAIL trading between 0.1%-1%. However, JSPL has bucked the trend and has dipped by 2%.