Sensex recovers from early lows

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{image-sensex, big_01072008.jpg}Mumbai, July 1: The key indices of Indian bourses today recovered from the early lows in the mid-morning trade amidst bouts of volatility after starting the day in the negative zone.

Sensex recovered to gain over 100 points at 13,562, even as Nifty recovered from a 13-month low, hit below 4,000 just after opening, to gain about 25 points 4,065 on the account of fresh buyings in the select scrips in the mid-morning trading session. However, volumes were low as heavy rains lashed Mumbai since last evening, bringing the traffic to a virtual halt in many parts of the city this morning.

Realty stocks extended the fall in the early trade as Indiabulls Real Estate slipped 7.45 per cent to Rs 250.30, DLF was down by 1.99 per cent to Rs 388.30 and Unitech down 1.67 per cent to Rs 167.65, However, a slight recovery was witnessed later, when the market started gaining strength.

IT stocks gained as Rupee had hit a month-low against US Dollar that boosted the hopes of better gains ahead. Satyam Computer Services gained 2.04 per cent to Rs 446.05, while Tata Consultancy Services Infosys were trading with a marginal gains.

Meanwhile, HDFC declined 1.49 per cent to Rs 1,933.15, while ICICI Bank fell over one per cent to Rs 624 after both hiked their interest rates on home loan by 50 to 75 basis points.


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