Thanks to some strong buying at lower levels in a few front line stocks, the market has staged a smart recovery and regained a significant portion of lost ground in mid afternoon trade. The modestly positive start in European markets has aided the rally from lower levels.
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The Sensex, which had ended over 500 points up yesterday, snapping a six-session losing streak, tumbled to 15,564.89 earlier this afternoon, recording a huge loss of close to 350 points. However, thanks to a splendid rally in several stocks, the index has now recovered to 15,894, down just marginally (by 18.13 points) from its previous closing mark.
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The Nifty index of the National Stock Exchange, which had plunged to 4610.60, has rallied to 4702.55 and is down by just 0.18% or 8.25 points at present.
Information technology heavyweights Infosys Technologies (down 2.85%), Wipro (down 2.7%) and Tata Consultancy Services (down 2.4%) continue to struggle for support.
Larsen & Toubro, the most prominent loser in the Sensex at present, is down 3.25% at Rs 1496. DLF has lost a little over 3%. ITC, State Bank of India, ACC and Reliance Industries are trading lower by 2.5% - 3%.
HDFC, Hindustan Unilever, Tata Power, ICICI Bank, HDFC Bank, Reliance Infrastructure, Maruti Suzuki, Jaiprakash Associates, Tata Motors, Sun Pharmaceuticals and Hero Honda are also down with sharp losses.
Nagarjuna Construction, Ambuja Cements, India Cements, Godrej Industries, Siemens, KSK Energy, Axis Bank, Container Corporation, GVK Power and IVRCL Infrastructure are among the prominent losers in BSE 'A' Group.
Bharti Airtel is up with a sharp gain of 3.2%. Reliance Communications is trading 2.25% up. Hindalco and BHEL are up by 1.7% and 1.2% respectively. Mahindra & Mahindra has posted a modest gain of 0.5%. ONGC is trading flat.
Spice Telecom rules firm with a strong gain of 14%. IFCI has vaulted 11% to Rs 48.70. Rashtriya Chemicals & Fertilizers, Suzlon Energy, Torrent Power, Mundra Port, GAIL India, Lupin, Bharat Electronics, PTC India, JSW Steel, Bhushan Steel, Punj Lloyd, Jet Airways, Ashok Leyland and Crompton Greaves are also trading firm with sharp gains.
