IT helps markets to recover

Markets have recovered on a rebound in IT stocks.

The Sensex has recovered nearly 100 points from its low and is now down 142 points at 16,734.

The Nifty is down 52 points at 5,014.

The BSE IT sector has jumped 162 points (1.2%) from its low and is now at 5,162.
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(Updated at 1025 hrs)

ICICI Bank has kept markets in red.

Markets opened the day on a soft note, tracking global cues. The Sensex touched a low of 16,641 and is now down 170 points at 16,705.

The Nifty has regained the 5K mark after dropping below it in opening trades. The index is now down 56 points at 5,009.

The BSE mid-cap and small-cap indices have out-performed the broader markets. The indices have declined marginally, around 0.3% each, at 6,935 and 8,791, respectively.

ICICI Bank has tumbled 4.5% to Rs 849. HDFC Bank has dropped 1% to Rs 1,878. SBI is flat at Rs 2,262.

Metal stocks continue to be in red. Sterlite has dropped 3% to Rs 667. Tata Steel has slipped 1.7% to Rs 522.

Tata Motors and Bharti Airtel have shed nearly 3% each at Rs 748 and Rs 260, respectively. Other communication stock - Reliance Communications has dropped 2% to Rs 142.

Realty stocks - DLF and Jaiprakash Associates have declined 2% each to Rs 283 and Rs 125, respectively.

Wipro and TCS are down 1.5% each at Rs 649 and Rs 728, respectively.

HDFC, Hindustan Unilever, Mahindra & Mahindra, BHEL and ONGC have moved down around 1% each.

Market heavy weight, Reliance, has dropped 1% to Rs 1,009.

However, Hero Honda, Infosys and Cipla have added marginally to Rs 2,637, Rs 1,848 and Rs 312, respectively.

The BSE market breadth is negative. Out of 2,343 stocks traded, 1,448 have declined while 830 have advanced.