Indices Recover From Lower End

After starting on a weak note, the Indian markets witnessed a heavy sell-off in the morning session today. However indices have recouped these heavy losses. Although they are still trading negatively, the Sensex bounced back by 400 points and the Nifty by 100 points. At the moment, the Sensex is trading lower by 109 points at 17858 and the Nifty by 46 points at 5241 and. The indices are seen trading lower by more than 0.5% each.

On the NSE, the advance-decline ratio is still on the negative side with 1203 advances and 2130 declines.

Top Nifty Gainers: Ranbaxy Labs is leading the gainer lists so far and is up by 6.5%. It is followed by Cairn India, Tata Power, TCS and Jindal Steel.

Top Nifty Losers: ONGC is leading the losers list so far and is down by 7.9%. It is followed by BPCL, Axis Bank, HDFC and Ultra Tech Cement.

Most of the sectors regained from the heavy depreciation seen this morning. But yet, 10 out of the 13 sectoral indices are trading with losses. Bankex remains the top loser, trading lower by 201 points. It is followed by Oil & Gas and Consumer Durables, which are down by 201 points and 90 points respectively. Mid-caps and small-caps also tumbled in this negative scenario and are lower by 83 points and 62 points respectively.

The Asian markets continued to be weighed upon by selling pressure. The Hang Seng was down by 350 points. It was followed by the Nikkei which had shed 203 points. The Straits Times and KOSPI were trading with nominal losses.

Buzzer: ONGC, BPCL and HPCL have crashed down because of the falling rupee and rising crude prices.

On the other hand, IT companies like Infosys, Wipro and HCL Tech have been witnessing good amount of buying. They are trading higher in the range of 1.5%-3%.

Nifty futures are trading above 5200 level at the moment. If the closing is seen to be above 5250,  we may see more recovery, going ahead.