Sensex recovers 46 pts in late morning trade

Key benchmark Sensex recovered by 46 points in late morning trade following fresh buying in utilities, basic materials, power, metal, capital goods, industrials, healthcare and banking. While sustained selling continued in telecom, teck, IT and consumer durables stocks.

The market breadth indicating the overall health of the market was positive. The Sensex resumed lower at 24,665.80 and moved in a range of 24,734.22 to 24,608.51 before quoting 24,732.30 at 1100 hrs, showing a rise of 45.88 points or 0.19 per cent. The NSE 50-share Nifty also rose by 19.55 points or 0.26 per cent to quote at 7,566.00.

Major gainers were, NTPC 2.29 per cent, Lupin 2.09 per cent, RIL 1.45 per cent, BHEL 1.42 per cent, ICICI Bank 1.34 per cent, Dr Reddy’s 1.28 per cent and GAIL 1.17 per cent. However, Hero MotoCorp fell 2.17 per cent followed by 1.17 per cent, HUL 1.15 per cent, Maruti Suzuki 0.99 per cent and Axis Bank 0.86 per cent. Meanwhile, foreign investors sold shares worth a net Rs 294.72 crore yesterday, as per provisional data.

Overseas, Asia was broadly lower after US equities sold off overnight amid renewed concerns over global growth and effectiveness of central bank policy. China’s Shanghai fell by 0.90 per cent, Hong Kong’s Hang by 0.70 per cent and Singapore Straits by 0.58 per cent, while Japan’s Nikkei and Taiwan rose by 0.75 per cent and 0.62 per cent, respectively. US stocks closed lower yesterday, with financials leading declines on profit-taking in an overall risk-off environment ahead of earnings season.