With a few blue chip stocks from information technology, capital goods, metal and oil sectors finding good support at lower levels, the market has regained a good portion of lost ground in mid morning trade today.
Power, healthcare, automobile and PSU stocks are trading mixed, while bank and consumer durables stocks are trading weak.
The Sensex, which had declined to around 19,227 in early trades, is currently down 22.33 points or 0.12% at 19,303.54. The Nifty index of the National Stock Exchange is down 9.50 points or 0.16% at 5840.55, around 25 points off the day's low of 5815.15.
Tata Steel, BHEL, Reliance Industries, Hero Motocorp, Wipro, Infosys, Bharti Airtel and Bajaj Auto are up 0.5% - 1%. Jaiprakash Associates, DLF, Reliance Infrastructure, Power Grid Corporation, Kotak Bank, Sesa Goa and NMDC are also trading firm.
Ranbaxy Laboratories tumbled to a four-year low, as it declined to Rs 350.10, extending recent losses. The stock is currently trading at Rs 352.35, down 3.6% from its previous closing price.
Ultratech Cement is down 2.3%. Ambuja Cements, Tata Motors, NTPC, Cipla, Grasim Industries, Axis Bank, Hindalco, ICICI Bank, HDFC Bank, IndusInd Bank, Bank of Baroda and BPCL are trading lower by 0.6% - 1.3%.
Besides Bharti Airtel, other telecom stocks RComm and Idea Cellular too moved higher this morning, following the Telecom Regulatory Authority of India announcing a reduction in the national mobile phone roaming charges. The regulator, however said, there will be no free national roaming as of now.
VA Tech Wabag moved up more than 3% following an announcement from the company that its joint venture with Pratibha Industries has won an Rs 262 crore order from Melamchi Water Supply Development Board, Nepal.
In the currency market, the rupee declined to 58.43 against the U.S. dollar in early trade, losing as much as 56 paise, due to renewed dollar demand from importers and appreciation of the US currency overseas. On Monday, the partially convertible Indian rupee had ended at 57.87 against the greenback, losing 36 paise.