Sensex recovers, pharma stocks rally

Strong rally in pharma stocks coupled with steady buying support in other select old economy stocks has seen the index reverse its trend into the green, after a flat opening and a subsequent dip on selective selling pressure.

The Sensex, which touched a high of 6,581, is now up 11 pts at 6,576. The Nifty is steady at 2,031 - up two points.

ONGC at Rs 873 (up Rsw 2) and ITC at Rs 1,509 (up Rs 8) are trading with steady gains. Reliance, however, is trading with a tepid loss of Rs 2 at Rs 529.

Ranbaxy has shot up 3.15% (Rs 32) to Rs 1,034. While Dr. Reddy's has moved up 1.54% (Rs 11) to Rs 701, Cipla is up 1.42% (Rs 4) at Rs 282.

Grasim, Gujarat Ambuja and ACC are up a per cent each at Rs 1,125 (up Rs 7), Rs 436 (up Rs 3) and Rs 384 (up Rs 3), respectively.

Bajaj has clocked a per cent gain (Rs 8) to Rs 1,214. Other auto stocks are exhibting a divergent trend.

HDFC Bank (down Rs 3 to Rs 542) is trading on a subdued note, while ICICI Bank is down a rupee at Rs 398. SBI, however, is trading with a per cent gain (Rs 5) at Rs 668.