Market update: Sensex recovers after weak start; adds 31 points

Early weakness in other Asian markets led to a lower opening for frontline Indian indexes. However, they recovered as most other markets in the region have come off their lows.

Sensex opened at 13894 and declined to a low of 13850 before recovering. The index is trading higher by 31 points at 13959 at 11.10 AM IST.

Nifty opened at 4085 and saw a low of 4058. The index is now trading higher by 4 points at 4089.

Auto stocks are doing well today. Tata Motors has added nearly 2.5 per cent on unconfirmed reports that the company is planning to set up an assembly unit in Egypt. Maruti has added nearly 2 per cent while Bajaj Auto is trading close to 1.5 per cent higher.

Zee Entertainment is the best performer among Nifty stocks with gains of nearly 3 per cent.

Gujarat Ambuja has recovered from yesterday's weakness and has added over 2.5 per cent.

Tata Power is continuing the rally from yesterday and has added another 1.5 per cent.

Among banks, ICICI Bank and PNB have gained well over a per cent each.

Among other major gainers, Cipla has gained 2 per cent while Suzlon has added over a per cent.

BHEL is the worst performer among Nifty constituents and is down well over 2 per cent.

Among oil & gas stocks, Gail India has lost nearly 1.5 per cent while BPCL is down nearly a per cent. HPCL has lost over 0.5 per cent.

Reliance Communications has slipped more than 1.5 per cent.

SAIL has corrected over a per cent after yesterdays rally. Nalco and Hindalco have lost over 0.5 per cent each.

ITC remains weak and has lost nearly a per cent.

Infosys has lost over 0.5 per cent in early trading.

Mid-caps and small caps have also gained modestly. The NSE mid-cap index is now trading with gains of 0.25 per cent. BSE mid-cap index has also added 0.25 per cent and the BSE small-cap index is trading more than 0.2 per cent higher.

Ramco Systems is locked in 20 per cent upper circuit while Trigyn, STI India, Eicher Motors and Magma Leasing are all locked in 10 per cent upper circuits.

Hinduja TMT got listed after the de-merger of its BPO division into a separate company. The stock is now trading at Rs595.

NR Bearing, Garware Wall Ropes, Ajantha Pharma, Ceat and Bal Pharma are the other major gainers among mid-caps and small caps.

Precision Wire, JBM Auto, ARO Granite, NCL Industries, La Opala and Sutlej Industries are the major losers among mid-caps and small-caps.

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks, and is headed by Thomas White, a former managing director of Morgan Stanley Asset Management.

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