Sensex recovers some lost ground after sharp setback

Due to heavy selling in information technology, metal and oil stocks, the market, which fathered after a marginal up move, slipped deeper into the red in mid morning trade. Realty, power and capital goods stocks too wilted under pressure and lost significant ground.

The Sensex, which declined to 17,025.59, has now recovered to 17,088.89 and is down 76.65 points or 0.45% at present. The Nifty is down 31 points or 0.6% at 5122.25, around 15 points off the day's low of 5107.55.

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Select consumer durables, FMCG and automobile stocks are holding on positive territory with modest gains. Healthcare and bank stocks have given up most of their gains. Midcap and smallcap stocks, which started off on a high note, have drifted lower due to profit taking.

Hindalco and Sterlite Industries are down by over 3% at Rs 154 and Rs 134.50 respectively. Tata Steel is down by about 2% at Rs 482.50 and Jindal Steel is down nearly 2% at Rs 543.

IT majors Infosys (down 2.4%), Tata Consultancy Services (down 1.4%) and Wipro (down 1.1%) are trading notably lower. Reliance Industries, Jaiprakash Associates, DLF, Sun Pharmaceuticals and Tata Motors are down 1.6% - 2%. Tata Power, BHEL, HDFC Bank, ICICI Bank and Larsen & Toubro are also down with notable losses.

Hindustan Unilever is trading firm with a strong gain of 3.4%. Hero Motocorp is up 2.2%. Bharti Airtel is up 1.5% and Coal India is trading nearly a percent up. ONGC, Bajaj Auto, HDFC, Maruti Suzuki and State Bank of India are up with modest gains.

Among non-Sensex IT stocks, Oracle Financial Services, Financial Technologies, Patni Computer Systems, Mphasis, HCL Technologies and Rolta India are trading notably lower. MindTree and 3i Infotech are up with smart gains.

SAIL, NMDC, Sesa Goa, JSW Steel, Bhushan Steel and Hindustan Zinc are among the prominent losers in the metal space, besides heavyweights like Tata Steel, Sterlite Industries and Jindal Steel.

Hindustan Petroleum Corporation, BPCL, Exide Industries, Lanco Infratech, Colgate Palmolive, Oriental Bank of Commerce, GE Shipping, Adani Power, GMR Infrastructure, JSW Energy, Essar Oil and GAIL are down 2% - 4%.

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SKS Microfinance has extended its recent gains. The stock is currently locked at the 5% upper circuit at Rs 265.70. IFCI is up by a little over 3.5%. Opto Circuits, Uco Bank, BF Utilities, Federal Bank, Bank of Baroda, Coromandel International, Thermax, Bajaj Financial Services and Canara Bank are also trading sharply higher.

According to the data released by the Society of Indian Automobile Manufacturers Association, domestic sales of passenger cars in India fell 10.1% in August, as hardening interest rates, rising vehicle prices and high fuel costs continued to hit consumer demand. India's automakers sold 144,516 cars in August, according to the data. Sales of Commercial Vehicles (trucks and buses) rose 22.6% to 64,248 in August, the data said.