Markets on a recovery path

After a weak opening, owing to the negative cues from the Asian and European markets, the indices have partially recouped some of their losses. The Sensex is at 17998 down 71 points and the Nifty is at 5398 down 22 points.

The smallcap index (down 0.2%) and midcap index (down 0.1%) are also in the red, but have outperformed the benchmark index (down 0.5%). These indices have gone into a corrective mode after a week and a half's good run.

However, there is resilience in select pockets. Consumer Durables, Health Care and PSU are up 0.3% each and the Oil & Gas index has gained 0.1%. On the other hand, Metal and IT have lost 1% each.

The top gainers on the Sensex are ONGC and Hindustan Unilever, up 2% and 1.5% each. The other significant gainers are SBI, Cipla and Tata Power.

On the loser's side, Sterlite is down more than 2%, followed by TCS, Wipro, Reliance Infrastructure and Infosys are down 1% each. Heavyweight RIL is down 0.7% at Rs 974.

The market breadth is negative. 1371 stocks have declined compared to 1033 advances.