Live Market Updates: BSE Sensex recovers from day's low, HDFC Bank up 2%

Moneycontrol Bureau

The market recovered from the day's low in late afternoon trade but sell-off continued in most of the sectors. The Sensex was down 124.09 points at 19303.47 and the Nifty slipped 36.20 points at 5836.40.

RBI monetary policy action on March 19 seemed to be guiding sentiments now as banks were somewhat lending support. Finance Minister P Chidambaram also said that there is a case for the RBI to cut policy rates, and the central bank should take comfort from the government's efforts to cut the fiscal deficit.

Among the banking stocks HDFC Bank was up  2.2 percent while Bank of Baroda gained 1.4 percent.

Top gainers on the Sensex were Cipla, HDFC Bank, HUL, Hero MotoCorp and Hindalco.

Meanwhile, Coal India, Tata Power, GAIL, Maruti Suzuki and ICICI Bank dragged as investors were busy off-loading shares during the day.

Jet Airways tumbled 3.7 percent after sources indicated that the Jet-Etihad deal may be called off. It is learnt that Etihad board is likely to meet on March  22 to take a final call. The Jet promoters have reportedly refused to give in to Etihad's demand of management control.

Engineers India tanked 4.52 percent as according to media reports, the company is planning to terminate the Rs 300 crore pipeline contract awarded to Fernas Construction for IOC's Paradip refinery. In addition EIL has also recommended the cancellation of the Rs 1800 crore contract awarded to Fernas for Dahej petrochemical complex of ONGC petro additions.