Markets remain cautious; SBI moves up

Mumbai, July 11 (UNI) With select old and new economy stocks staging a smart recovery from lower levels, the market has regained some of its losses now, brokers said here this noon.

Mirroring the slight reversal in fortunes, the Sensex, which had slipped to a low of 10,576.38 in morning trades, has rallied to 10,655.11, down by just a marginal 29.19 points or 0.27 per cent from yesterday's closing mark.

At 3131.80, well off its low of 3105.25, the Nifty is down with a loss of 0.32 per cent or 10.20 points.

Besides pharma stocks Cipla (2.6 pc), Dr Reddy's Laboratories (2.2 pc) and Ranbaxy Laboratories (0.8 pc), banking sector major State Bank of India (0.9 pc), cement majors Gujarat Ambuja Cements (0.8 pc) and ACC (0.5 pc) and FMCG stock ITC (0.7 pc) are the ones to have moved up smartly into the positive territory today.

Satyam Computers is up by nearly half a per cent at Rs 712.

Reliance Communications Ventures has gained around a quarter per cent at Rs 254.40. BHEL is up marginally over its previous closing price.

It's turning out to be an extremely weak outing for HDFC Bank. At Rs 763.05, the private sector bank stock has lost a little over 2% at present. Tata Motors (down 1.7%), Hero Honda (down 1.7%) and Maruti Udyog (down 1%) continue to trade weak.

Hindalco, Tata Consultancy Services, Bharti Airtel, Tata Steel, Reliance Energy, ONGC, ICICI Bank, Infosys Technologies, Larsen&Toubro, Bajaj Auto, Wipro, Grasim Industries remain subdued. NTPC, Reliance Communications Ventures and Reliance Industries too display weakness, brokers added.

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