Markets recover on Asian peers

Markets have recovered from their initial low and are now trading trading marginally high.

The Sensex had opened at 16,410 and dropped to a low of 16,331 on weak cues from US markets. However, with a recovery in Asian indices, Indian bourses have broken into the green. The index is now up 70 points at 16,458.

The Nifty is up 17 points at 4,935.

US markets dropped in late trades on Wednesday on fears that China was reassesing its euro-zone debt holdings. Dow dropped 69 points to fall below the 10,000 mark at 9,974. The Nasdaq lost 15 points to 2,195.

Asian markets followed their US peers and opened in red. Indices have now recovered. Hang Seng has added 152 points to 19,349. The Nikkei is up 40 points at 9,563.

BSE auto index has moved up 1.3% to 7,393. The capital goods and FMCG indices have added over 1% each.

Sterlite has jumped 2.7% to Rs 635. Mahindra & Mahindra has added 2.6% to Rs 533.

ITC has contributed the most the upmove. The stock has gained 1.8% at Rs 273.

ONGC and Larsen & Toubro have advanced 1.5% each. Hindustan Unilever has added 1% to Rs 234.

However, Hindalco continues to trade weak and is now down 1.8% at Rs 145. Bharti Airtel and ICICI Bank are also down in red.

The BSE market breadth is positive. Out of 2,210 stocks traded, 1,269 have advanced while 859 have declined.