Markets surge on auto buying

Markets have rebounded sharply as the auto index has jumped in trades. The Sensex has  touched a high of 17,568 -  up 96 points.

The Nifty is up 31 points at 5,276.

The auto index has jumped 1% at 7,749. Oil, FMCG and bankex indices have also moved up around 1% each.
__________________________________________________
(Updated at 1059 hrs)

Markets have recovered from its low. The Sensex after a soft start dropped to a low of 17,408. The index thereafter, was trading subdued but has now recovered and is at 17,459 - down just 14 points.

The Nifty is down eight  points at 5,237.

Auto index has added 0.6% to 7,726. However, the realty index is still in red - down 1% at 3,591.

Sun Pharma has shed 2.2% at Rs 1,709. Tata Steel and Hindalco have dropped 1.4% each to Rs 659 and Rs 177, respectively.

HDFC Bank and BHEL have slipped 1% each to Rs 1,914 and Rs 2,434. Other losers include DLF, ONGC, Bharti Airtel and Reliance Infrastructure - all of which have dropped around 1% each.

On the other hand, SBI has gained 2.3% at Rs 2,155.

Hindustan Unilever has dropped 1.4% to Rs 236. Tata Motors and Sterlite have slipped over 1% each to Rs 819 and Rs 815, respectively.

Reliance has moved down 1% to Rs 1,065. Maruti Suzuki and Hero Honda declined 1% at Rs 1,388 and Rs 1,905, respectively.