Sensex recovers smartly, now down 8pts

The Sensex has staged a smart recovery. From a low of 9897 the index has zoomed to 9974 - up 77 points from the low. The index is now down only eight points at 9973.

Cipla has surged 3.3% to Rs 547. NTPC and TCS are up 1% each at Rs 123 and Rs 1,639, respectively.

SBI, Reliance, Ranbaxy, Satyam and ONGC are the other notable gainers.

Hindalco and HDFC Bank have dropped 2% each to Rs 151 and Rs 728, respectively.

BHEL has shed 1.6% to Rs 1,833, and Larsen & Toubro has slipped 1.3% to Rs 2,257.

ITC and ICICI Bank have declined 1% each to Rs 160 and Rs 581, respectively.

Hero Honda, Bajaj Auto, Bharti and Reliance Energy are also on slippery ground.

The market breadth is continues to remain extremely unfavourable. Out of  total of 2,197 stocks traded so far, 1,625 have declined, 522 have advanced and the rest are unchanged.

State Bank of Mysore has zoomed over 19% to Rs 4,845. Deccan Chronicle, Celebrity Fashions, Saint Gobain, Swaraj Mazda, Goodricke, McLeod Russel, Ashapura, Apollo Hospitals and Tata Tea are the other significant gainers.

Venkys India has plunged 14% to Rs 133. Asian Hotels, Adlabs, KEC International, Salora International, VisualSoft, Britannia, Container Corporation of India, Indian Hotels, Birla Corporation and Bombay Dyeing are also in declining mode.