Markets recover after weak start in early trade

Mumbai, Jul 11: The BSE Sensex drifted lower in early trade on the major Indian bourses this morning as weak global markets dampened the mood, brokers said.

However, with select blue chip stocks managing to garner support at lower levels, the Sensex, which had slipped to a low of 10,624.32, rallied to a high of 10,704.01, recording a marginal gain.

At present, the barometer is down with a minor loss of 15.53 points at 10,668.77. The Nifty, which fell to a low of 3,121.55, has edged up to 3,136.85, netting a loss of 5.15 points.

Select healthcare and capital goods stocks have made notable progress. There are gains for a few FMCG stocks as well. Oil, information technology and PSU stocks remain subdued. Bank stocks have eased down to lower levels. Selective buying is seen in the midcap and smallcap space.

Pharma major Dr Reddy's Laboratories has surged 1.9 per cent over yesterday's closing price to Rs 1,339 on strong buying enquiries.

Cipla has notched up a gain of 0.95 pc at Rs 216. IT majors Wipro (0.75 pc) and Satyam Computers (0.25 pc) have gained marginal ground.

Reliance Communications Ventures, ITC, BHEL and ACC have recorded small gains.

Among the losers, Bharti Airtel, which had recorded an impressive gain yesterday, is down by around 1.45 pc at Rs 384. HDFC Bank and HDFC have lost more than a per cent each at Rs 770 and Rs 1,185 respectively. ICICI Bank has slipped 0.85 pc to Rs 488.75.

Maruti Udyog, Tata Steel, Hindustan Lever, Tata Motors, Larsen&Toubro, Hero Honda, State Bank of India, Tata Consultancy Services, ONGC, Infosys Technologies, Ranbaxy Laboratories and Grasim Industries have slipped into the negative zone, brokers added.

UNI

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