The markets have recovered some ground from the lows of the day on the back of emerging strength across the Asian markets. After touching intraday lows in mid-morning trade on worries that China will raise interest rates, the Sensex has recouped more than 100 points and is now quoting at 19868, higher by 63 points and the Nifty is at 5975, up 23 points. The midcap index is at 8210, lower by 30 points and the smallcap index is at 10446, up eight points.
On the Asian market, the Chinese and Korean markets have added about half a per cent, while the Hang Seng and Nikkei have recouped their early losses and are now trading flat.
The leading gainers on the Sensex are Bharti Airtel (strengthened by 4.3% at Rs 339), Hero Honda (jumped 1.3% at Rs 1938) and Sterlite Industries (added 1.2% at Rs 179).
M&M has weakened by 2.6% at Rs 759 to emerge as the top loser on the BSE. RCom is seeing no respite in selling pressure for the second consecutive day after the strictures passed by the Comptroller and Auditor-General of India (CAG) on the 2G spectrum allocation issue; the ADAG stock has shed another 2% at Rs 150. Reliance Infra, DLF and HDFC Bank are the other top losers.
The market breadth is negative. Out of 2883 stocks traded on the BSE, there are 1070 advancing stocks as against 1725 declines.
