Sensex trims losses; Bank stocks recover

The market, which faltered after regaining some lost ground earlier in the day, has recovered post release of the September quarter GDP data.

According to the data released by the government a little while ago, Gross Domestic Product grew at 6.9% in the July - September quarter, the slowest pace in nine quarters. In the April-June quarter, the economy grew at 7.7%.

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Manufacturing sector saw a growth of 2.7%, as compared to 7.2% in the previous quarter. Services sector grew at 9.3%. Construction sector recorded a growth of 4.3% as compared to 6.7% in the corresponding quarter last year, while mining sector growth declined by 2.9%.

The Sensex, which declined to 15,849.57 earlier this morning, has now recovered to 15,985 and is down just 23.34 points from its previous closing mark. The Nifty is down 11.95 points or 0.25% at 4793.15, nearly 40 points off the day's low of 4754.80.

Bank, oil, FMCG and information technology stocks are finding some support. Pharmaceuticals, power and PSU stocks are trading mixed. Consumer durables, realty, capital goods and metal stocks are mostly trading weak. Automobile stocks are also seen trading lower.

HDFC Bank has gained over 1.5%. Hindustan Unilever, Sun Pharmaceuticals, NTPC, Maruti Suzuki, ONGC, DLF and Tata Consultancy Services are up 0.5% - 1.2%. Reliance Industries, Bharti Airtel and Bajaj Auto are up marginally.

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Sterlite Industries, Mahindra & Mahindra, BHEL, Jindal Steel, Tata Power, Tata Motors and Jaiprakash Associates are down 1% - 2%. ICICI Bank, Larsen & Toubro, Hindalco and Coal India are also trading weak.

JSW Energy has surged 5.8% to rs 43.60. CESC, Mahindra & Mahindra Financial Services, Kotak Bank, Indian Overseas Bank, Federal Bank, United Phosphorus, Tata Chemicals, Piramal Healthcare, IndusInd Bank, Power Grid Corporation and Havells India are also up with strong gains.