Markets have recoveerd smartly in late-morning trades. The Sensex is unchanged at 15,860.Nifty is flat a 4,754.
BSE realty index gained 2.7% to 1,601. Consumer durables ad capital goods indices were up 2.5% each.Meanwhile, IT index remained weak- down 1% at 5,459.
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(Updated at 0942 hrs)
The markets opened in the red with the BSE Sensex having opened at 16,679, down 180 points and the Nifty opened at 4,702, down 55 points.
Asian shares and the euro both hovered near seven-week lows on Friday as European officials failed to soothe investor fears that the euro zone's debt crisis could trigger a credit crunch if funding costs run out of control.
MSCI's broadest index of Asia Pacific shares outside Japan fell 0.4% on Friday, hovering near a seven-week low hit the day before. Japan's Nikkei opened down 0.3% on Friday, hitting a fresh two-and-a-half-year low. Wall Street, however, was shut for the Thanksgiving holiday.
Back home, the Nifty could seek support in the range of 4,705 – 4,675 and can face resistance around 4,805 – 4,840 levels, analysts say.
All the sectoral indices are in red. BSE metal index has dropped 1.4% to 9,901. Oil & Gas, IT and bankex are down over 1% each.
Tata Steel is the biggest loser among Sensex stocks - down 2.7% at Rs 375. Hero MotoCorp, HDFC Bank, ONGC and Infosys are down 1-2% each. Meanwhile, Cipla is up 0.6% at Rs 317. Bharti Airtel and Mahindra & Mahindra are also up.
Among individual stocks, retail shares have gone up for the second straight day. In a big-ticket policy decision, the cabinet opened the high-growth retail sector to foreign chains. Pantaloons Retail is up 11% at Rs 223. V2 Retail, Shoppers Stop and Provogue are up 6-10% each.
Jindal Saw is down 0.7% at Rs 119. The company has bagged orders worth 1,000 crore to supply large diameter pipes and ductile iron pipes for various export markets.
