Mumbai, Aug 22: The Bombay Stock Exchange Sensex bounced back from early low and was trading with a positive gap of about eight points at 14,251, while Nifty was nine points down at 4,275 in the mid-morning trading session.
Sensex had opened 90.34 points lower at 14,153.39 and slipped further to a low of 14,136.86, loosing 106.87 points, in the early trade. The key indices recovered as heavyweights rebounded amid volatility bouts on mixed global cues. However, rise in crude oil prices weighed the market sentiments in opening trade. Banking shares gained as the weekly inflation figure was in line with market expectation, marketmen observed.
The wholesale prices index based inflation rose to 12.63 per cent for the week ended August nine, from 12.44 per cent in the previous week, according to government data released yesterday.
Index heavyweights, Hindalco Industries surged 3.41 per cent to Rs 133.45 on 1.46 lakh shares. It was the top gainer from Sensex pack. Reliance Communications was trading up 1.17 per cent to Rs 403, Tata Steel was up 0.96 per cent to Rs 594.95 and Tata Motors up 1.21 per cent to Rs 423.50. Reliance Industries rose 0.79 per cent at Rs 2,229.90, off day's low of Rs 2,191. The Bombay High Court yesterday suggested that the rival Ambani brothers should approach their mother Kokilaben to settle the dispute.
Banking shares logged decent gains after latest inflation data came in line with street expectation. HDFC Bank surged 1.11 per cent to Rs 1,178, ICICI Bank up 0.58 per cent to Rs 646.80 and State Bank of India was up 0.74 per cent to Rs 1,352.10.
However, Oil&Natural Gas Corporation lost 1.66 per cent to Rs 993.50 on 31,354 shares. It was the top loser from Sensex pack.
Grasim was down 1.51 per cent to Rs 1,935.20, NTPC down 1.30 per cent to Rs 171.50 and Ambuja Cements was down 1.39 per cent to Rs 78.05.