Sensex down 37 points at 14100

Frontline Indian indexes have partly recovered from their morning decline as large cap technology stocks have regained some of their losses. Other Asian markets mostly remain weak while Europe has opened higher.

Sensex is trading lower by 37 points at 14100 at 01.10 PM IST.

Nifty is now trading lower by 11 points at 4131.

Technology stocks remain weak, though they have come off their lows. Satyam is still the worst performer with losses of nearly 2.5 per cent. HCL Tech and Infosys are trading around 2 per cent each lower.

Zee Entertainment remains the biggest loser among Nifty components with losses of over 2.5 per cent.

Among metals, Tata Steel has slipped over 2 per cent while SAIL has lost nearly 1.5 per cent. Sterlite Industries is trading nearly 2 per cent lower.

Among telecom stocks, MTNL is down over 1.5 per cent while Bharti has lost nearly 1.5 per cent.

Gail India is the other major loser, down nearly 2.5 per cent.

Auto stocks are holding on to their gains, led by M&M which has added 2.5 per cent. Tata Motors is trading nearly 2 per cent higher while Hero Honda has gained over a per cent.

Ranbaxy has moved up further and remains the best performing Nifty stock with gains of nearly 5 per cent. Cipla has gained 1.5 per cent.

Reliance Petroleum has added nearly 3 per cent while HPCL is trading over a per cent higher.

HDFC Bank is now trading 1.5 per cent higher.

Tata Power and ACC are the other major gainers among Nifty constituents.

Among other large caps, SCI is holding on to gains of close to 13.5 per cent while Tata Tea has surged 11.5 per cent.

Mid-caps and small caps have gained further after the firm start. The NSE mid-cap index is now trading with gains of over 0.85 per cent. BSE mid-cap index has also added over 0.9 per cent and the BSE small-cap index is trading 0.9 per cent higher.

Momentum buying in select mid-caps continues and many of them are locked in upper circuits. Paradyne Info, Goldstone Tele, Lokesh Machine, Trigyn and STI India are all locked in 10 per cent upper circuits.

Indian Bank has moved up further and is now trading 12.5 per cent higher.

Ramco Systems is also sustaining the up trend with gains of over 9.6 per cent.

Jai Balaji Sponge is the other major gainer among mid-caps.

Patni has slipped further and is now trading 4.5 per cent lower.

Sarla Poly, Shiv Texyarn, HOV Services, JK Industries, Educomp, Samtel, Bharat Rasayan and Northgate 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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