Markets recover on West Asian peace talk

Markets have recovered their morning losses on hopes of easing in crude oil prices as Gadaffi agrees to a peace settlement.

The Sensex was up 85 points at 18,531. Nifty was up 26 points at 5,548.

The political turmoil in middle eastern countries had given way to a price rise in crude oil. Markets in India were subdued as the country imports the oil from the countryies. Gadaffi's statement that he would accept the peace plan in Lybia has cheered the investor sentiments.

Most of the sectoral indices dropped in red. The IT index continued to trade in red - down 1.2% at 6,175. It was followed by metal and banks.

BSE mid and small-cap indices also reversed their losses. The indices were flat at 6,582 and 7,999, respectively.

Tata Power gained 3% to Rs 1,190. HDFC, Reliance Communication, Jaiprakash Communications and DLF were up 2% each.

HDFC Bank, Bajaj Auto, Hindustan Unilever, Hero Honda and BHEL were up 1% each.

Meanwhile, Infosys and ICICI Bank remained at Rs 3,027 and Rs 1,006, respectively.

Metal names  - Hindalco, Sterlite and Tata Steel were down 1.2% each. Wipro, Reliance, Maruti Suzuki and SBI were down around 1% each.