Markets rebound led by banks

The markets have rebounded into the positive zone on the back of fresh buying in banking stocks - led by ICICI Bank. The Sensex is now up 35 points at 19,014. The NSE Nifty is up 18 points at 5709.
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(Updated at 1345 hrs)

Markets continued to witness selling pressure. The Sensex was down 164 points at 18,814 and the Nifty was lower by 49 points at 5641.

The Asian markets ended the day in the red, the Nikkei ended lower by 119 points at 10,437, Taiwan ended at 9022 down 38 points, Shanghai ended at 2678 down 80 points and Hang Seng was trading lower by 447 points at 23,972.

Back home, ITC was the top loser on the Sensex, the stock was trading at Rs 171 lower by 2.6%, Sterlite Industries shed 2.5% and was trading at Rs 177.

ONGC, index-heavyweight Reliance Industries, Cipla, Tata Motors, Bharti Airtel and Bajaj Auto were trading lower by 1.5-2.3% each. On the other hand, TCS was the top gainer the stock added 1.2% and was at Rs 1,208. Hero Honda, Mahindra & Mahindra, NTPC and Jindal Steel were also among the gainers.

On the sectoral front the Oil & Gas stocks witnessed the heavy selling pressure, the BSE Oil & Gas index was down 2.2% or 222 points at 9594. The FMCG index shed 1.7% or 61 points at 3570. Realty, Banking, Metal and Auto indices were down 0.7%- 1.2% each.

Meanwhile IT and Teck indices continued to trade in the green.

GAIL was the top loser among the Oil & Gas stocks, the stock was down 3% at Rs 453. HPCL, Petronet LNG, ONGC, Reliance Industries and Oil India were also trading in the red.

Among the FMCG stocks United Spirits, ITC, Godrej Consumer Products, United Breweries, Dabur India, Hindustan Unilever and Dabur were among the losers.

The broader markets continued to trade in the nrgative territory, the BSE mid-cap index was down 31 points at 7134 and the small-cap index was at 8862 down 39 points.

The overall market breadth remained extremely negative as 1665 stocks declined while 1029 stocks advanced.