Thanks to sustained buying in some front line stocks, the Sensex briefly rebounded into positive territory a little while ago. At present, the barometer is down 6.56 points or 0.04% at 18,638.50, more than 100 points off the day's low of 8,540.65.
The Nifty index of the National Stock Exchange is down 2.65 points or 0.05% at 5601.35. The NSE benchmark had earlier drifted down to 5567.75.
Information technology stocks have recovered well. Healthcare stocks are off their earlier highs. Consumer durables, bank, realty and PSU stocks have edged off their lower levels. Automobile, power, FMCG and oil stocks are subdued. Metal and capital goods stocks are finding the going a bit tough.
Midcap and smallcap stocks have rallied higher after early weakness. The Midcap index has surged 0.57%, while the Smallcap barometer has moved up by about 0.8%.
The market breadth is fairly positive. Out of 2865 stocks seen in action on BSE, 1750 stocks are up with gains. 1028 stocks are trading weak and 87 stocks are hovering around their previous closing levels. Among BSE 'A' Group stocks, 118 stocks are trading firm, while 82 stocks are down in negative territory.
ACC has gained around 2.2% at Rs 983.70. State Bank of India and Wipro are up nearly 1.5% at Rs 2878 and Rs 413.60 respectively. Tata Consultancy Services has gained a little over 1% at Rs 878.60. Hindustan Unilever, Mahindra & Mahindra, Tata Power and Infosys Technologies are up 0.5 % - 1%. DLF, Bharti Airtel, BHEL, Jaiprakash Associates, ONGC and Hero Honda are up marginally.
REI Agro, Indian Overseas Bank, Bajaj Holdings, Mahindra & Mahindra Financial Services, Oracle Financial Services, PTC India, Sun Pharmaceuticals, Piramal Healthcare, Praj Industries, Federal Bank, Bank of Baroda, KSK Energy, Tulip Telecom and Corporation Bank are up 2% - 5%.
Shree Renuka Sugars is trading nearly 3% up on reports the company is looking to set up an integrated sugar-cum-ethanol plant in a joint venture with state-run HPCL. The stock had ended notably higher on Tuesday after the company made an announcement to this effect. Shree Renuka Sugars is planning a joint venture with Hindustan Petroleum Corporation (HPCL) to set up an integrated sugar-cum-ethanol plant in Maharashtra. Shree Renuka Sugars will hold 76% in the joint venture (JV), while the state-owned HPCL will hold the balance 24%.
