Trading today opened after a long weekend including Independence day holiday on Friday. The key benchmark indices of both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) recovered after weak start dampened by the latest economic data, which showed India's wholesale price index rose to a 16-year high. Global cues were mixed. IT stocks gained while banking stocks fell. Public sector oil marketing companies fell as the crude oil price recovered, brokers said.
Later, the BSE 30-share Sensex was up 5.41 points, or 0.04 per cent (pc), to 14,729.59 points from its last finish. At the day's low of 14,602.12, the Sensex lost 122.06 in early trade. At day's high of 14,759.86, the index gained 35.68 points in early trade.
The present S &P CNX Nifty index of NSE also rose slightly 11.70 points, or 0.26 pc, to 4,442.40 points from it last finish of 4430.70. It was, however, flat at 4,430.70 points. Later, the index recorded the day's high of 4,447.40 and low of 4,384.65 points The BSE Mid-Cap index was up 0.23 pc to 5,836.67 and the BSE Small-Cap index was up 0.34 pc at 7,134.31.
India's largest private sector firm by market capitalisation and oil refiner, Reliance Industries, fell 1.2 pc at Rs 2,248.
Public sector oil marketing fell as crude oil price bounced back from a recent low. BPCL was down 0.98 pc to Rs 314, Indian Oil Corporation eased 0.56 pc to Rs 438.80 and HPCL came down 0.09 pc to Rs 222.90 edged lower.
Oil rose over USD one to near USD 115 a barrel as investors eyed a potential supply threat from a tropical storm 'Fay' to oil and gas production in the Gulf of Mexico.
Bank stocks were subdued on concerns of high inflation and further monetary tightening by the Reserve Bank of India (RBI). Axis Bank was down by 1.59 pc to Rs 689. It was followed by SBI, down by 1.25 pc, to Rs 1,441.70 and ICICI Bank down by 0.04 pc to Rs 672.95.
However India's second largest private sector bank in terms of net profit, HDFC Bank, rose 2.11 pc to Rs 1,200.
IT stocks jumped too. BSE IT index rose 2.27 pc to 3,985.31 and was the major gainer from the sectoral indices on BSE. Satyam Computer Services was up 2.69 pc to Rs 423, Infosys rose 2.41 pc to Rs 1,730.10, Wipro gained 2.28 pc to Rs 438.30 and Tata Consultancy Services hardened 1.99 pc to Rs 848.