Markets turn volatile; auto shares gain

Markets have turned volatile in late-morning trades. The Sensex had opened strong and touched a high of 16,679 on buying in auto and consumer durables stocks. However, with increasing weakness in Asian markets, the index dropped 108 points from the high to an intraday low of 16,571. Again, the Sensex has recoverd some of its losses and is now up 55 points at 16,627.

The Nifty is up 15 points at 4,985.

The BSE consumer durables index has gained 1% at 4,495, along with auto index which is at 7,682. The oil, PSU and IT sectors are also showing some movements.

Reliance Communications has surged 6% to Rs 148. Bharti Airtel has jumped 1.5% to Rs 261.

ONGC has gained 2.7% at Rs 1176. Reliance Infrastructure, ACC and Jaiprakash Associates have advanced over 1% each.

Mahindra & Mahindra and Tata Motors have added 1.5% each to Rs 574 and Rs 737, respectively. Maruti Suzuki and Hero Honda are up over 1% each.

L&T, Infosys and Cipla are the other gainers in the market today.

Tata Power has dropped 2% to Rs 1,233. DLF and Hindalco have slipped 1.1% each to Rs 267 and Rs 142, respectively.

HDFC Bank, ITC and Jindal Steel are the losers in the idnex now.

BSE market breadth continues to be positive. Out of 2502 stocks traded, 1547 have advanced while 861 have declined.