Reliance helps in market recovery

Markets consolidated near the day's high as heavyweight, Reliance, staged a smart recovery. The Sensex after touching a low of 17,920 on cues from Asian indiaces, recovered over 300 points to a high of 18,238. The index was down 211 points at 18,228.

BSE mid and small-cap indices slipped in-line with the benchmark. Indices dropped 1.2% each. Nifty, meanwhile, slipped 59 points to 5,472.

Japan's radiation leak has spooked not only the island nation but investors globally. The radiation levels in Tokyo - the caital of Japan - went up considerably after partial meltdown in Fukushima plant. Nikkei slipped 16% in the last two days following the devastating earthquake and tsunami.

Other markets in Asia were also in red. Hang Seng and Taiwan Weighted dropped 3% each to 22,604 and 8,235, respectively. Markets in Seoul, Straits and Singapore were down over 2% each.

Crude prices fell in trades today. The commodity, which had soared after the Middle-East uprising, was trading at Rs 99.32.

Meanwhile, the fourth quarter advance tax numbers have started trickling in. The better-than-expected numbers may boost recovery of our markets.

Reliance, among oil & gas stocks, has jumped 1.5% to Rs 1,033 on buzz that the company's advance tax payment has gone up substantially.

However, all the othet Sensex stocks continued to trade in the negative zone - down between 1-3% each.

Auto stocks were hit after automakers halted production in Japan. Maruti Suzuki dropped 2.8% to Rs 1,223 on fears that the quake will hit its margins. M&M dropped 2% to Rs 648. Tata Motors dipped 1.3% while Hero Honda was down 1% in trades.

Among infra stocks, DLF and Jaiprakash Associates dropped 2.6% each to Rs 222 and Rs 82, respectively. Reliance Infra shed 2.2% at Rs 611. Tata Power, Sterlite, Wipro, BHEL, Hindalco and NTPC were down over 2% each. Heavyweights - ICICI Bank, Infosys and Larsen & Toubro - slipped 1.6-2% each.

BSE market breadth was fairly negative. Out of 2,639 stocks traded, 1,845 declined while 712 advanced.