Markets turn volatile ahead of expiry

The recovery of the market was shortlived as it has turned volatile, ahead of the expiry today.

The Sensex recovered 173 points from the low to touch a high of 16,504 in morning trades. However, it has pared some of its gains.

The volatile Sensex is now up 55 points at 16,444.

The Nifty is up 13 points at 4,931.

Among the sectoral indices the capital goods and auto indices have advanced 1% each. The indices are at 13,485 and 7,366, respectively.

Hindalco continues to trade soft, and is now down 2.3% at Rs 144. Tata Steel has dropped 1% to Rs 479. New entrant in the Sensex, Jindal Steel, has declined 0.6% to Rs 619.

Jaiprakash Associates has slipped 1.5% to Rs 120. Reliance Infrastructure has shed 1% at Rs 1,034.

Among banking stocks, ICICI Bank, has dropped 1% to Rs 839. SBI is marginally in red at Rs 2,163.

Meanwhile, ONGC has jumped 2.6% to Rs 1,103. Sterlite has added 2.5% to Rs 634.

Mahindra & Mahindra has gained 2.4% at Rs 532. Tata Motors has added 1.3% to Rs 719.

FMCG major, ITC has advanced 2% to Rs 273.

The other gainers include L&T, BHEL, Tata Power and Hindustan Unilever.

Among the capital goods stocks, Areva T&D has jumped 3%. Siemens, ABB and Thermax are the other gainers.

The BSE market breadth is positive. Out of 2,468 stocks traded, 1,319 have advanced while 1,066 have declined.