Markets recover from day's low

Profit taking in specific sectors saw the market dropping from intraday highs in morning trade. The Sensex touched a low of 16,827 and hs now recovered to 16,871 - down 73 points.

The Nifty is down 28 points at 5,056.

Weakness in asian markets, together with selling pressure in metal and realty stocks dragged markets in the red. However, markets have now recovered marginally.

Shares of oil marketing compnaies have jumped on hopes of a fuel price rise. BPCL has gained 1% to Rs 587. HPCL has jumped 2.3% to Rs 369.

Maruti Suzuki has surged 3.5% to Rs 1,279. Other auto stocks are also in green. Mahindra & Mahindra has added 1% to Rs 578. Tata Motors and Hero Honda are trading flat in morning trades.

Tata Steel has rebounded from the day's low and is now up 1% at Rs 506.

Reliance Infrastructure has added 2.3% to Rs 1,092. Cipla has advanced 1.3% to Rs 323.

TCS, ITC and Hindustan Unilever are the other gainers in the market today.

However, ICICI Bank has dropped 1.7% to Rs 852.HDFC Bank has slipped 1% to Rs 1,866.

Metal stocks are still on the declining side. Sterlite and Hindalco have dropped 1.3% each to Rs 653 and Rs 148, respectively.

Jaiprakash Associates has slipped 1.3% to Rs 123. HDFC, Bharti Airtel, BHEL and Reliance are the top losers in the Sensex.

Aviation stocks, hwoever, gained on news of a cut in fuel price. Jet AIrways added 1.2% to Rs 517. SpiceJet has gained 1.5% to Rs 58.

BSE market breadth continues to be positive. Out of 2,540 stocks traded, 1,567 have advanced while 880 have declined.