Nifty recovers on Bharti, Infy, TCS, L&T, SBI support

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At 14:39 hours IST, the Nifty showed smart recovery led by buying in telecom, technology, auto, realty, oil marketing and select banking companies' shares but was still hovering around the 5,100 mark. There was a bit of volatility as selling continued in power, FMCG, oil & gas exploration and select metal stocks. Among the others, BHEL, ICICI Bank, HDFC and Grasim were the losers while L&T, Ambuja Cements and Cipla were the gainers.

The markets reported total turnover of Rs 88,000 crore so far, which included Rs 73,000 crore from the F&O segment. The Sensex fell 10 points to 17,170 and the Nifty was down just 3 points at 5,100.

Reliance Industries trimmed its losses and was down 0.5% and ONGC was still down 1%. However, BPCL gained 2.5% in the oil & gas space.

In the banking space, SBI was flat in trade, post recovery. ICICI Bank reduced losses to 0.6% from over 1%. Other banking stocks were flat. HDFC, Reliance Capital and IDFC were still down over 1-2%.

Technology stocks were seeing buying interest; Infosys was up 1.3%. TCS gained 0.8% and Wipro was up 0.33%.

Bharti Airtel rose 2.4% and Reliance Communications was up 1%. Idea Cellular was flat.

Auto stocks continued to gain; Maruti, Hero Honda and M&M gained 2-2.6%. Tata Motors was up 1%.

In the midcap space, Gujarat Flourochem, Bharat Forge, Bajaj Hindusthan, Motherson Sumi and Balrampur Chini were up 5.5-8.7% while KGN Industries, Jubilant, SKF India, Sobha Developer and Edelweiss Capital slipped 3.5-5%.

In the smallcap space, Grindwell Norton locked at 20% upper circuit. Tata Coffee, Geometric, Esab India and HEG went up 9-13% while Cambridge Solutions, Jindal Worldwide, Mastek, Ruchinfra and Lloyds Metals lost 4-7%.

On the global front, European markets were down over 0.5% and US index futures declined 0.4%.

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