Sensex recovers; down just 6 points

(Under arrangement with Thomas White Global Research)

Frontline Indian indexes have recovered most of their modest early losses as most of the large cap stocks have come off their lows. Sustained strength in oil & gas and cement stocks is providing good support to the indexes. Other Asian markets are mixed while Europe has opened lower.

Sensex is trading lower by 6 points at 13689 at 01.10 PM IST.

Nifty is now trading lower by 4 points at 4009.

Frontline technology stocks remain weak after the subdued start. Satyam Computer is still the worst performer, down well over 3.5 per cent. TCS continues to trade with losses of nearly 2.5 per cent while Infosys has lost over 2 per cent.

HCL Tech has lost nearly 2 per cent while Wipro is down 1.5 per cent.

Suzlon Energy remains weak by nearly 3 per cent.

Among metals, Sterlite Industries is trading 2 per cent lower while SAIL is down nearly a per cent.

M&M and Cipla are the other major losers among Nifty stocks.

Oil marketing stocks have moved up further after a firm start. BPCL is the best performing Nifty stock with gains of nearly 3.5 per cent while HPCL has added over 3 per cent.

Cement stocks are holding on to most of their gains, led by ACC which is trading more than 2.5 per cent higher. Gujarat Ambuja has added 2 per cent.

Dabur is holding on to gains of nearly 2.5 per cent.

Reliance Petroleum has gained ground in early afternoon trades and is now trading more than 2 per cent higher.

Bajaj Auto is holding on to gains of 2 per cent while Nalco continues to trade 1.5 per cent higher.

Reliance Energy has come off its highs and is now trading more than a per cent higher.

Glaxo is the other major gainer, trading more than 2 per cent higher.

Mid-caps and small caps mostly unchanged from their morning levels, though some of the larger mid-caps have gained. The NSE mid-cap index is now trading with gains of nearly 0.35 per cent. BSE mid-cap index remains weak by 0.05 per cent and the BSE small-cap index is holding on to marginal gains.

There is no stopping ICRA, one of the leading domestic credit rating agencies which listed last Friday. After having more than doubled on first day and closing yesterday at 20 per cent upper circuit, the stock has surged another 16 per cent today.

Lloyd Engineering is locked in 10 per cent upper circuit.

C & C Construction, Cambridge Technology, GTC, Enkei Castalloy, Numeric Power, Welspun, Suryajyoti Spinning and Philips Carbon Black are the other major gainers among mid-caps and small caps.

Essdee Aluminium, Siyaram Silks, Pudumjee Pulp, Shree Precoated, Oriental Trimex and Ramkrishna Forge 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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