Recovery continues; Sensex down 160pts

Markets continued to recover on buying in Reliance and a stronger Asian market. Buzz of good advance tax payments by companies also buyoed sentiments. Sensex touched a high of 18,254 - after dropping to a low of 17,920. The index was trading near the day's high at 18,281 - down 160 points. Nifty was down 46 points at 5,485.

Meanwhile, concerns remained globally as Japanese markets fell 10% in the day following reports of radiation leaks in Tokyo. If the radiation is not controlled it could have to severe effects.

All the sectoral indices, barring oil & gas, were in red. BSE oil & gas index jumped 0.6% at 10,000. Reliance jumped 1.8% to Rs 1,036 on a substantial increase in the advance tax payment. HPCL and BPCL added 1% each as crude prices eased following Friday's devastating earthquake in Japan.

However, BSE realty index shed 2.5% to 2,066. Power, auto and IT indices were down 1.5% each in trades.

Maruti Suzuki slumped 2.7% to Rs 1,224. Mahindra & Mahindra shed 2.5% to Rs 645. Tata Motors slipped 1.5% to Rs 1,152. Hero Honda dipped 1% to Rs 1,517 after the company shut its production unit in Japan following the quake.

Tata Power was down 2.7% at Rs 1,215. Jaiprakash Associates, DLF and Reliance Infra were the major realty losers and dropped over 2% each. Sterlite, Wipro, ICICI Bank, Infosys and Reliance Communications were amng the losers.

BSE market breadth continued to be failry negative. Out of 2,711 stocks traded, 1,916 declined while 710 advanced.