Markets recover in late morning deals

Banks, IT scrips lead gains

Markets have moved into the positive territory in the late morning deals on the back of buying interest in heavyweights like TCS, ICICI Bank and HDFC Bank. At 11:10, the Sensex was up 71 points at 18,753 and the Nifty was up 17 points at 5,701.

In the broader markets, the midcap index is in line with the Sensex, up 0.2% each while the smallcap index is outperforming with nearly 0.4% gains.

Among the sectoral indices, buying interest is visible in Bankex, IT and Health Care indices which are up 0.7% each, leading the gains, followed by Oil & Gas and Power indices adding 0.4% and 0.3% respectively. On the other hand, FMCG, Realty, Metal, Capital Goods and Auto indices continues to remain in the red, losing 0.2-0.9%

The movers among the Sensex-30 are TCS and ICICI Bank gaining 2% each. Cipla,    Dr Reddys Lab, NTPC, Mahindra & Mahindra and Tata Power up 1-1.5% are the other notable gainers.

On the losing side are ITC, Sterlite, Jindal Steel and Tata Motors down 1-1.5%. Hero MotoCorp, Maruti Suzuki, BHEL and SBI down 0.2-0.3% are the other notable losers.

Among other stocks, Force Motors surged 6% to Rs 445 after reporting almost five-fold jump in net profit at Rs 19 crore in the quarter ended September 2012 due to lower interest, staff cost and other expenditure.

ING Vysya Bank rallied 6% to Rs 472, its historical high, on reporting 30% year-on-year jump in net profit at Rs 150 crore in the second quarter of current financial year on the back of sound growth in core income.

Peninsula Land gained 7% to Rs 53.15 after reporting almost six-fold jump in net profit at Rs 82.71 crore for the quarter ended September 2012 on back of higher operational income.

The market breadth is positive. 1199 stocks advanced while 1036 stocks declined on the BSE.