Markets still in red

The Sensex post recovery is languishing around  16,862, down 188 points. The NSE Nifty is at 5,053, down 60 points.
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(Updated at 1157hrs)

The Sensex has recoverd significantly, up 370 points from the day's low of 16,608 - owing to fresh buying in heavyweights Reliance, ITC and HUL.

The index is now  at 16,886, down 165 points. The NSE Nifty is at 5,042, down 51 points.

The BSE midcap and the small cap indices are down 1.5% each at 6,762 and 8,624, respectively.

Ranbaxy, Larsen & Toubro, Sun Pharmaceuticals and Tata Steel have slipped 3% each to Rs 473, Rs 1,476, Rs 1,422 and Rs 628, respectively.

Cairn India, Suzlon, DLF, Ambuja Cement and TCS are down 2.5% each.

Idea Cellular on the other hand has advanced 4% to Rs 60. ITC and BHEL are the other marginal gainers on the NSE.

Among the sectoral indices, realty and the IT index are the major dragger, down 2% from its previous close.However FMCG index is the only major gainer on the Sensex, up 1%.

The market breadth continues to be weak, out of 2,763 shares traded, 2,077 have advanced and 627 have declined so far on the BSE.