The Nifty showed smart recovery from day's low; it was hovering around the 4750 amid choppy trade. Index heavyweight Reliance Industries gained 1% on short covering. The Indian rupee too was appreciated by 3 paise to 53.68 a dollar as against 53.71 on Wednesday. The Sensex was down 56 points at 15,825.21 and the Nifty dropped 20 points at 4,743.15.
Shares of HUL, Coal India, NTPC and Tata Power rallied 2-4%. HDFC moved up nearly 0.9% while TCS and ITC gained 0.3% each.
However, the sell-off in major frontline shares like Bharti (down 3%), Infosys, L&T, SBI, BHEL and Wipro limited the recovery; these stocks were down 1-2%.
Sterlite Industries topped the selling list, falling 3.55%. Auto stocks were sliding; Tata Motors, Maruti, M&M and Hero Motocorp fell 0.8-2%. Private banks like ICICI Bank and HDFC Bank were marginally lower.
The market breadth too also improved a bit; about 828 shares advanced while 1892 shares declined on the BSE.
At 14:16 hours IST : Sensex trims losses; rupee crawls to 53.91/USD
The Sensex cut the morning losses following a positive opening of European markets and recovery in the rupee from record low. Shares of private banks, FMCG, power, and Reliance Industries helped the market. It seems that traders cover their shorts in the afternoon trade. The Sensex was down 32.5 points at 15,848.61 and the Nifty fell 14 points to 4,749.20, after showing recovery of 252 points and 75 points from day's low, respectively.
France's CAC, Germany's DAX and Britain's FTSE gained 0.5-1%. The Dow Jones futures too moved up 61 points and Nasdaq futures rose 9 points.
The Indian rupee recovered to 53.91 from all-time low of 54.58 to the dollar, down 21 paise from previous day's closing level. It shows that the Reserve Bank of India may have sold dollars to support the falling rupee.
According to Narayan, the Reserve Bank of India (RBI) has enough firepower to restrict the downside.
Shares of Tata Power topped the buyers' list, rising nearly 4%. HUL and Coal India gained 2.6% each while NTPC and HDFC rose 1.6%.
Index heavyweight Reliance Industries was up 0.6%, and ITC too went up 0.6%. Private banks like ICICI Bank and HDFC Bank too showed recovery to trade flat.
However, the fall of 1-3% in major largecaps like Infosys, Bharti Airtel, L&T, Tata Motors, SBI, BHEL and Wipro limited the recovery.
The broader markets too trimmed losses; Midcap and Smallcap were down 1-1.5%.
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