Market update: Sensex recovers partly after weak start

Heavy losses across other Asian markets led to a weak start for the frontline Indian indexes. However, the indexes have managed to recover part of their opening losses. Asian indices are under heavy selling pressure on concerns that weaker US dollar would affect exports from the region.

Sensex opened at 13539 and slumped to a low of 13424. The index is trading lower by 52 points at 13620 at 11.10 AM IST.

Nifty opened at 3999 and saw a low of 3933. The index is now trading lower by 13 points at 3999.

HDFC is the worst performer among Nifty stocks, down more than 1.5 per cent. HDFC Bank has lost more than a per cent.

Infosys remains weak and has lost nearly 1.5 per cent.

Tata Steel has slipped further after yesterday's fall and has lost over a per cent.

Among engineering stocks, Siemens and L&T have lost over a per cent each.

Gail India is down nearly 1.5 per cent in early trading.

Tata Power is continuing the down trend and has lost nearly 1.5 per cent.

Glaxo and Zee Entertainment are the other major losers, both down more than a per cent each.

Dabur is continuing the rally from yesterday and is the best performing Nifty stock with gains of over 1.5 per cent.

Gujarat Ambuja Cement has added more than a per cent while Grasim is trading with marginal gains.

Sterlite Industries has added close to a per cent.

HCL Tech has gained another 0.5 per cent after yesterday's sharp up move.

MTNL, Ranbaxy, HPCL and BPCL are the other Nifty gainers.

Mid-caps and small caps are firm in morning trading, despite the weakness in large caps. The NSE mid-cap index is now trading with gains of 0.3 per cent. BSE mid-cap index has added close to 0.2 per cent and the BSE small-cap index is trading nearly 0.35 per cent higher.

Advanta India got listed on the exchanges today. Issued at Rs640 per share, the stock opened at Rs665 on the NSE and rallied to a high of Rs1,000. The stock is now trading at Rs897.

Reliance Industrial Infrastructure is continuing its rally and has added another 6.5 per cent.

Dish TV has recovered after the weak listing yesterday and has added nearly 6 per cent.

Soma Textiles is locked in 10 per cent upper circuit.

Mid-cap technology stocks are doing well in morning trades. Patni, Mphasis and Polaris have all added around 3 per cent each.

Pyramid Saimira, Timken India, SKF India and Aarti Industries are the major gainers among mid-caps and small caps.

K Sera Sera, Kinetic Motor, Orient Hotels, Atlanta, Pudumjee Pulp, Logix Micro and Suprajit Engineering are the other 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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