Sensex rebounds; Mah Satyam loses 5% post block deal

The Sensex opened the session on a flat note as consolidation continued for the second day. Some metal stocks lost shine as dollar rebounded 0.8% yesterday. Technology and realty stocks were also under pressure while auto, banking and telecom stocks gained.

Among the frontliners, Unitech, DLF, Tata Steel, Sterlite Industries, Jindal Steel & Power, TCS, Infosys, Cairn (crude slipped 3%) and SAIL were the losers in early trade.

However, Jaiprakash Associates, Bharti Airtel, HCL Tech, Maruti, Ranbaxy Labs, L&T, Ambuja Cements, HDFC, ICICI Bank, Tata Motors and ABB were the gainers.

Mahindra Satyam was down 5%. L&T sold 2.7 crore shares at Rs 112.45 per share, in a block deal. L&T was up 0.7%, as it raised Rs 303 crore via stake sale.

Gujarat Sidhee was up 3.5% and Mahindra Ugine shot up 5%.

Dhampur Sugar and Shree Renuka Sugars were up 1-2%.

However, Easter Silk lost 5%, after seeing rally in last few days. Divestment candidates like HMT, NMDC and ITI declined over 3%.

Global cues:

Asian markets were trading mixed. Shanghai was down 1%. Nikkei and Straits Times fell 0.2-0.4%. However, Hang Seng, Kospi, Jakarta and Taiwan Weighted were marginally down.

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