Markets recover partially

SBI, Infosys and TCS among the top Sensex gainers

Markets have recovered some losses in the morning deals on the back of buying visible in the heavyweight stocks such as State Bank of India, Infosys and TCS.

The Sensex is down 47 points at 17,570 and the the 50-share Nifty has shed 12 points at 5,334 levels. In the opening deals, the markets edged lower and the Sensex touched the low of 17,516.

The BSE IT index has emerged as the top gainer on the sectoral front. It has advanced 0.7% or 40 points to 5,725 levels. the banking index- bankex which opened in the red has also showcased recovery on the back of gains visible in the banking bellwether stocks such as HDFC Bank and State Bank of India. The index has advanced 0.2% to 12,382 levels.

On the other hand, FMCG, realty, auto, oil & gas, metal and power indices are under pressure, trading weaker by 0.1-0.7% each.
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(Updated at 9:15 AM)

Markets have opened lower in trades today on the back of subdued global cues. The Sensex has opened lower by 81 points at 17,537 and the 50-share Nifty is down 28 points at 5,317 levels.

The Asian markets inched lower on Wednesday on worries that the global economic slowdown will hurt corporate earnings, with the market still unconvinced the euro zone can decisively bring down struggling member states' borrowing costs even after yields pulled back. Hang Seng and Shanghai were trading weaker by 0.3% each.

Overnight, US markets fell for a fourth day on Tuesday as more pessimism from US companies compounded worries the sluggish world economy is taking a toll on US profit growth.

The Dow Jones industrial average lost 0.7 per cent and the Standard & Poor's 500 Index shed 0.8 per cent.

Back home, selling pressure is visible across the board. Auto, FMCG and realty stocks are worst hit in the opening deals. The BSE auto index is the top sectoral loser, down 0.7% or 68 points at 9,465. FMCG and realty indices are also trading weaker by 0.5 and 0.6% each respectively. Oil & gas, metal, PSU, teck, healthcare, power, IT and bankex indices have also edged lower in the opening deals.

Among the heavyweight stocks, Maruti Suzuki is the top loser, down 1.2% at Rs 1,206. Sterlite Industries, Hindustan Unilever, Tata Power, Hindalco, ITC, ONGC, Bajaj Auto, ICICI Bank, Gail India, Hero MotoCorp, reliance Industries and Bharti Airtel are also among the losers.

On the other hand, NTPC, SBI, Tata Steel, HDFC Bank, Jindal Steel and HDFC are trading marginally higher.

Future Caital has opened higher by 1.4% at Rs 154 on reports that it has sold its subsidiary Myra Mall Management Company for Rs 97.7 crore.

Financial Technologies (India) and Multi Commodity Exchange of India Ltd (MCX), the promoters of MCX Stock Exchange (MCX-SX), have rallied more than 8% each after MCX-SX got the nod from market regulator, Securities and Exchange Board of India (Sebi), to start operations as a full-fledged stock exchange.

The broader markets are trading on a flat note. The BSE mid-cap and small-cap indices have jumped 0.3% each.

The overall breadth is positive as 723 stocks are advancing while 448 are declining.