Following a moderately severe bout of selling pressure, a few blue chip stocks declined sharply into the red and reflecting the erosion in values, the benchmark BSE index Sensex too gave up its gains and dropped down into the negative territory in mid morning trade today.
However, thanks to strong support at lower levels, a few front line stocks have regained a significant portion of lost ground now and the Sensex, which had tumbled to 17,334.37, has now recovered to 17,453.84, netting a sharp gain of 75.38 points or 0.43%. The Nifty has moved up 0.5% or 26 points to 5221.50.
ONGC, HDFC, Hindalco, HDFC Bank and ACC have lost between 1% and 1.5% on selling pressure. Tata Steel, Reliance Energy, Reliance Industries, ICICI Bank, Ranbaxy Laboratories and Grasim Industries have lost 0.5% - 1%. DLF, which opened on a bright note, has slipped into the negative zone to Rs 723.55, netting a loss of 0.3%.
Ambuja Cements, Cipla, Hindustan Unilever, Larsen & Toubro and State Bank of India have lost most of their gains and are up just marginally over their previous closing levels now.
IT majors Infosys Technologies (0.9%), Wipro (0.6%), Tata Consultancy Services (1.6%) and Satyam Computer Services (0.9%) have moved up sharply on firm buying support.
Tata Motors has rallied sharply to Rs 662.50, up 3.55% over its previous closing prices. Maruti Suzuki and Mahindra & Mahindra are up by 1.8% at Rs 744.50 and Rs 654.15 respectively. Among other stocks from the Auto index, Exide Industries, TVS Motor, Escorts, Apollo Tyre, MRF and Ashok Leyland have posted sharp to moderate gains.
Reliance Communications, NTPC, Jaiprakash Associates, ITC, BHEL and Bharti Airtel are also up with sharp gains.
However, thanks to strong support at lower levels, a few front line stocks have regained a significant portion of lost ground now and the Sensex, which had tumbled to 17,334.37, has now recovered to 17,453.84, netting a sharp gain of 75.38 points or 0.43%. The Nifty has moved up 0.5% or 26 points to 5221.50.
ONGC, HDFC, Hindalco, HDFC Bank and ACC have lost between 1% and 1.5% on selling pressure. Tata Steel, Reliance Energy, Reliance Industries, ICICI Bank, Ranbaxy Laboratories and Grasim Industries have lost 0.5% - 1%. DLF, which opened on a bright note, has slipped into the negative zone to Rs 723.55, netting a loss of 0.3%.
Ambuja Cements, Cipla, Hindustan Unilever, Larsen & Toubro and State Bank of India have lost most of their gains and are up just marginally over their previous closing levels now.
IT majors Infosys Technologies (0.9%), Wipro (0.6%), Tata Consultancy Services (1.6%) and Satyam Computer Services (0.9%) have moved up sharply on firm buying support.
Tata Motors has rallied sharply to Rs 662.50, up 3.55% over its previous closing prices. Maruti Suzuki and Mahindra & Mahindra are up by 1.8% at Rs 744.50 and Rs 654.15 respectively. Among other stocks from the Auto index, Exide Industries, TVS Motor, Escorts, Apollo Tyre, MRF and Ashok Leyland have posted sharp to moderate gains.
Reliance Communications, NTPC, Jaiprakash Associates, ITC, BHEL and Bharti Airtel are also up with sharp gains.
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