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Markets make a partial recovery
January, 13th 2011

The markets have recovered from the day's lows; the Sensex is quoting at 19493, lower by 43 points and the Nifty is at 5848, down 14 points. The IT bellweather Infosys is, however, languishing at Rs 3241, down 136 points

(Updated at 1057am)

The markets are consolidating in the negative territory on the back of heavy losses in the IT sector. The Sensex has touched a low of 19,352, and is now down 122 points at 19,411. The NSE Nifty has shed 37 points at 5826.

Infosys has slumped 4% to Rs 3,241 on the back of lower-than-expected growth in the Q3. Other IT majors have recovered, with TCS up 1.5%. Wipro too is up nearly 1%. The BSE IT index, however, is down 2% at 6536.

ICICI Bank has shed 1.5% at Rs 1,052. Tata Steel, Hero Honda, Jindal Steel and SBI are down over 1%.

However, Reliance Communications has jumped 2.5% to Rs 142. Reliance Infrastructure has added 1.4% to Rs 832.

Tata Motors, Bajaj Auto, Jaiprakash Associates, Wipro and Hindalco are the other major gainers.

The market breadth is fairly positive - out of 2,339 stocks traded so far, 1,349 have advanced, 900 have declined on the BSE.

In the broader markets, mid-caps and small-caps are outperforming the large-caps. The BSE Mid-cap index has advanced 0.4% to 7395, and the Small-cap index is up 0.6% at 9205.

BF Utilities and Jubilant Foodiworks are the top gainers in the mid-cap space, up 5% each. They are followed by Money Matters, Dewan Housing, City Union Bank, Manappuram General, Rashtriya Chemicals and Novartis India.

On the other hand, Shree Ashtavinayaka has hit yet another 5% lower circuit. Kirloskar Oil Engines, Shree Renuka, Indiabulls Financials and Godfrey Phillips are the other major losers.

In the small-cap space, PVP Ventures has zoomed 10% to Rs 14.57. Everonn, Venkys India, KRBL, Kiri Dyes, Kalyani Steel, Lumax Industries, Nectar Life, Zenith Info and Accentia Tech are up 5-8% each.

Bheema Cement, Sujana Towers, Binny, Sigrun Holdings, SVC Resources, LS Industries, Spectal are all down 5% each.

 
 
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