Sensex recovers, but still down over 200pts; Ranbaxy up

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 30/05/12 Are Mutual Funds betting on Nifty?

At 14:17 hours IST - the Nifty has showed smart recovery from day's low, though it was still trading sharply lower with nearly 95 points loss. The Sensex recovered more than 300 points from day's low as investors were buying heavyweights at their lower levels. Dealing rooms said that insurance companies were buying in the markets. The markets plummeted over 600 points in the first half of trade on concerns about Dubai's debt crisis.

Dubai World has USD 59 billion of liabilities, representing a large part of Dubai's total debt of USD 80 billion. According to Reuters, the Emirate said on Wednesday it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree a standstill on billions of dollars of debt as a first step towards restructuring.

Even European markets also recovered and were down around 0.6% each. They were down over 1.7% in early trade.

The Sensex was down 293 points to 16,561 and the Nifty fell 91 points to 4,914. The broader indices declined 2.5-3%.

In the largecaps, Jaiprakash Associates, DLF, L&T, ICICI Bank, Sterlite Industries, Siemens, IDFC and Axis Bank were down 3.5-6.5%. However, Ranbaxy Labs was the biggest gainer with over 3% gain. Tata Steel, Bharti, Cipla, BPCL and Suzlon Energy were the other losers, down 0.5-1.5%.

Tata Steel, Reliance Industries, HDIL, SBI, ICICI Bank and DLF were most active shares on the bourses.

In the midcap space, KGN Industries locked at 5% upper circuit. Jain Irrigation, Jubilant, Emami and Educomp Solutions gained 1.5-3.5%. However, BF Utilities, IVRCL Infrastructure, REI Six Ten, Sobha Developer and Future Capital fell 6.5-9%.

In the smallcap space, Swaraj Mazda rose 5%. Zydus Wellness, Money Matters, Jyothy Labs and Glodyne Tech went up 1.5-3%. However, Binani Industries, Orbit Corporation, Tube Investment, Core Projects and Hikal lost 8-9.6%.

Reliance Capital is going to buy majority stake in Quant Capital Group. The stock was down 3%.

Cambridge Tech will buy German company Smartshift. The stock was down 3%

Continued on the next page...