Markets recover in afternoon trades

Markets have recoevered smartly with the Sensex gaining 94 points at 15,964. Nifty is up 28 points at 4,793.

BSE metal index saw some buying activity which took the index 1.4% higher to 10,130. Auto, oil & Gas and healthcare were up around 1% each.

Reliance, Infosys and Tata Motors were the top contributors to the Sensex's recovery.
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(Updated at 1254 hrs)

The markets continue to trade in a narrow range. The Sensex is up 41 points at 15,911 and the Nifty is at 4,771, up 6 points.

In the morning the Sensex opened in the red owing to negative global cues and touched the intra-day low of 15,771. The Sensex has since morning traded in a range of 170 points.

According to Kunal Bothra, technical analyst, LKP Securities, "the selling pressure is extreme, and I believe that the probability becomes very high for a breakdown. The global picture is also not helping the case for our markets. The immediate support for Nifty is at 4720 where we have taken a couple of bounces over the last few months. Short term resistance has now shifted from 4950 to 4850 levels."

Meanwhile, Larsen & Toubro is the top loser among the Sensex stocks, down  1.8% at Rs 1,173. The stock touched its fresh 52-week low price of Rs 1,163 in intra-day deals today. ONGC, Hero MotoCorp, ICICI Bank, Tata Steel, NTPC, J P Associates and ITC are also among the losers, down 0.5-1% each.

On the other hand, Hindalco is the top gainer, up 2.3% to Rs 126. Cipla, BHEL, Jindal Steel, Tata Power, Sun Pharma, Reliance Industries and Bharti Airtel have also added 1-1.5% each.

Among the individual stocks, Excel Crop Care has soared 16% to Rs 148 on media reports that the Supreme Court (SC) has allowed exports of endosulfan, an important product for the company.

Gujarat Gas Company is trading lower by 4% to Rs 332 on reports that its promoter, BG Asia Pacific Holdings Pte Ltd is planning to sell its stake in the company.

Essar Group stocks, including Essar Shipping and Essar Oil, are trading at one-year lows after the Central Bureau of Investigation (CBI) filed a charge-sheet in the 2G spectrum case against eight persons and entities, including the vice-chairman of Essar

Consumer durable and capital goods stocks are amongst the worst hit in trades today. BSE Consumer Durables index is down 1.7% or 96 points at 5,493. Capital Goods index has also shed 0.8% to 9,096. Bankex and PSU indices are also under a mild selling pressure. At the same time IT index is the top gainer, up 0.6% to 5,826. Oil & Gas Metal, Healthcare, Power, Realty and FMCG indices are also marginally higher.

Titan Industries, Whirlpool, C Mahendra Exports, Blue Star, Bajaj Electricals and VIP Industries are the top losers among the consumer durable stocks. From the IT space, HCL Technologies is the top gainer, up 3% to Rs 424. Mphasis, Oracle Financial Services Software, Patni Computer, Tech Mahindra and Financial Technologies are also trading higher.

The broader markets also in the red. The BSE mid-cap and small-cap indices have also slipped 0.8% each in trades thus far.

The overall breadth is negative as 1,570 stocks are declining while 831 are advancing.