IT, banks, capital goods, auto push Nifty above 5800

Indian equity benchmarks recovered sharply after initial sell-off, supported by technology, capital goods, financial, auto and oil marketing companies' shares. Heavyweights Reliance Industries and HUL too were quite supportive.

The 50-share NSE Nifty got back above the 5800 level, to trade around 5,813, with gaining 28 points, at 10:17 hours. It has recovered more than 75 points from day's low.  Mark Mobius of Templeton Emerging Markets Group said that Indian market is showing signs of investors returning to India once again. He is optimistic that India may see new highs by year-end. Mobius warns that lack of government action may pose a big risk to India.