Reliance leads Sensex bounce back

After displaying volatility in the opening bell, the market, on fresh buying, particularly, in old economy stocks, has firmed up in mid-morning trades. The Sensex, which surged to a high of 6,530, is now up 25 points at 6,518. The Nifty is up a point at 2,037.

Reliance, on strong buying support, has advanced 2.45% (Rs 13) to Rs 559. The counter has clocked a volume of over 19.9 lakh on the BSE. ITC (up Rs 9 to Rs 1,353) has bounced back from its early lows. While ONGC, with a traded volume of over 3.83 lakh, has lost 1.38% (Rs 12) to Rs 871, HLL is down a rupee at Rs 131.

ICICI Bank has gained 1.65% (Rs 6) to Rs 399, and SBI is up a notch at Rs 657. Over 12.49 lakh SBI shares have been traded so far. HDFC Bank (down Rs 2 to Rs 542), however, is still exhibiting weak trends.

Cipla has added 1.65% (Rs 4) to Rs 259, and Dr. Reddy's is up a per cent (Rs 6) at Rs 745. Ranbaxy is marginally up at Rs 1,004.

BHEL has moved up 2.62% (Rs 20) to Rs 787, while L&T has gained 1.41% (Rs 14) to Rs 1,009.

Infosys (down Rs 8 to Rs 2,245) and Wipro (down Rs 7 to Rs 664) have trimmed their losses.

Bajaj is trading 1.42% lower (Rs 15) at Rs 1,066. Other pharma counters are displaying a divergent trend.

HDFC has shed 1.46% (Rs 11) to Rs 716.

Select PSU stocks have gained ground. BEML has shot up 6.82% (Rs 24) to Rs 384. While Corporation Bank has surged 5.32% to Rs 367, Hindustan Organics is up 3.83% at Rs 20.