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Sensex recovers; trades above 18,000 levels again
Indian markets were trading with marginal gains even as the rupee breached the 65 levels after the Fed Minutes indicated a broad agreement over QE withdrawal this year.
The Sensex which lost 35 points in early trade, recovered and was trading 99 points higher at 18,004 points. Dealers say that domestic institutions which were aggressive buyers in the market on Wednesday continued to support the market.
Among the top losers from the Nifty were Mahindra and Mahindra, DLF, HeroMotor Corp, Bhel and Ambuja Cements. ITC, which has the maximum weightage in the Nifty continued to slide lower.
Banking stocks trended higher with HDFC Bank, Axis Bank, IndusInd Bank, Bank of Baroda and State bank of India among the gainers.
Nifty stocks that lent support to the market were surprisingly from the beaten down metals sector with names like Sterlite Industries, Tata Steel and Hindalco among the top gainers.
Ranbaxy which was hammered in trade on Tuesday saw some buying interest and was up 3.42 per cent. Gitanjali Gems continued to be locked at the upper end of the circuit filter.
Financial Technologies which was hit badly in trade on Wednesday due to a likely default by NSEL recovered some lost ground and was trading with gains of over 2 per cent.
Realty stocks were trading mixed with DLF losing 5 per cent, while Oberoi Realty and Parsvnath gained on value buying.
Meanwhile, most of Asia was trading with losses led by sharp declines in the Jakarta Composite. Other markets that fell were Singapore's Strait Times and the Korean Kospi.
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