Volatile markets recover from lows

Markets remained volatile on the day of the expiry. Indices erased early gains to slip into the red in morning trades, only to regain strength later.

The Sensex after touching a low of 19,973 regained the 20,000 level. The index is now up 79 points at 20,084.

Nifty is up 24 points at 6,036.

Sectoral indices are also mixed. While the oil, IT and auto space have gained, power and metal sectors have dropped in trades.

"Auto, sugar, power and cement spaces have seen strong rollovers", says Ashish Chaturmohta, VP, Anand Rathi.

Bharti Airtel among telecom stocks has gained 3% to Rs 331. Reliance Communications is flat at Rs 183.

HDFC Bank has gained 1.7% to Rs 2,295. ONGC, Hero Honda and Infosys have added 1% each in trades.

However, metal stocks are in the red. Hndalco has shed 1.3% at Rs 216. BHEL and Sterlite have slipped 1% each to Rs 2,459 and Rs 171. However, Chaturmota adds," Hindalco looks good as counter has been outperfroming the overall metal space, Rs 204-200 levels becomes a very strong support area for the counter".

DLF, ACC, ICICI Bank and NTPC are among the other losers.