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Markets off morning lows

SI Reporter  |  Mumbai 

recovered marginally from its low in late morning trades. The Sensex was down 206 points (1.2%) at 18,122 after touching a low of 18,039.

Nifty was down 58 points at 5,448.

Broader performed better than the benchmark. The BSE mid-cap index slipped 37 points to 6,830. BSE small-cap index was down 13 points at 8,464.

Asian mirrored gains in Wall Street. The Jakarta Composite was up nearly 1% at 3,438. Hang Seng and Nikkei were up marginally in trades.

All the sectoral indices were in red with FMCG and IT leading the downtrend. FMCG index slipped 2.6% to 3,277 while IT dropped 1.6% to 6,265.

Among the Sensex stocks, ITC slumped 4% to Rs 157. Tata Motors, Wipro, Jindal Steel and Tata Power shed 2-3% each.

Larsen & Toubro, BHEL, Jaiprakash Associates, were down.

Heavyweights - Infosys, ICICI Bank and Reliance were down around 1% each.

Among other stocks, SBI, Hero Honda, Bharti Airtel and TCS were in red.

However, HDFC continued to shine, and moved up 2% to Rs 642. DLF, Hindalco and ONGC gained marginally in trades.

PSU OMCs were in red. HPCL declined 3% to Rs 347. BPCL tumbled 4% to Rs 590. IOC was down 2% at Rs 329.

Airline stocks moved lower on news that oil firms have raised jet fuel prices. Jet Airways slipped 3.4% to Rs 537. Kingfisher Airlines tumbled 2% to Rs 50 while Spicejet plunged 7% to Rs 57.

BSE market breadth was negative. Out of 2,572 stocks traded, 1,346 declined while 1,120 advanced in trades.

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First Published: Tue, February 01 2011. 11:42 IST