Markets recover from morning lows

BHEl up 3% lead gains

The markets have recovered some of its lost ground in late morning trades after touching an intra-day low of 16,252 on the Sensex as the Rupee touched a new record low of 55.09 against the US dollar.

At 11:30 am, the Sensex was up 104 points at 16,287 and the Nifty added 29 points at 4,935. The key resistance for Nifty is 4950 on closing basis with key support at 4880 and 4850 levels says Kunal Bothra, Technical Analyst, LKP Securities.

Earlier in the day the markets opened higher on account of positive global cues and relative strength in the Indian currency.

Meanwhile, the broader market continues to underperform with the midcap and the smallcap indices up 0.4% each as compared to Sensex, up 0.7%.

The Asian markets too came off their day's high but continue to trade in the positive territory. Hang Seng, Jakarta Composite, Straits, Kospi Composite and Taiwan Weighted are up 1% each.

Back home, among the BSE sectoral indices Oil&Gas and Auto indices are up nearly 1% each followed by PSU, FMCG and IT indices adding 0.7-0.8%. On the other hand, Health Care and Realty turned flat with a negative bias.

The top gainers among the Sensex-30 are BHEL which won a contact from NTPC for supply and installation of ESP package for 2x660MW Solapur Supercritical Thermal Power Project gained nearly 3% along with Tata Motors.

Tata Steel, ITC, Gail India, ONGC and ICICI Bank up 1% each are the other notable gainers. Reliance Industries added 0.7%.

Among the losers are Sun Pharma, Tata Power, DLF and Hero MotoCorp down 0.5-1%

Among other stocks, ABB has moved higher by 2% at Rs 723 on winning order worth of Rs 175 crore from the state-owned power company NTPC Ltd to build two substations in Maharashtra.

The market breadth is positive with 1237 stock advances and 813 declines.