Sensex regains some lost ground after sharp setback @ 10:21 hrs

The market got off to a highly negative start this morning due to weak Asian cues. Though Wall Street ended on a mixed note on Friday, Asian markets are mostly seen trading deep down in the red today with the extremely negative trend in China contributing to the slide.

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As stocks cutting across sectors tumbled in opening trade, the Sensex swiftly plunged to 15,696.62, recording a loss of over 225 points in the process. Though the barometer is off that mark now thanks to selective buying at some front line counters, at 15,781.88, it is still down in the red with a sharp loss of 140.46 points or 0.88%.

The Nifty index of the National Stock Exchange, which had drifted down to 4662, is down with a loss of 41.35 points or 0.87% at 4691 at present. Information technology, metal, realty and capital goods stocks are among the prominent losers. FMCG, bank, auto and power stocks are also trading lower. Select pharma, oil and PSU stocks have bucked the trend and posted notable gains. Sterlite Industries, the most prominent loser in the Sensex now, is down by around 2.3%.

Tata Consultancy Services and Larsen & Toubro have also lost more than 2%. Wipro, Infosys Technologies, Hindalco, Jaiprakash Associates, ITC, Reliance Infrastructure, Tata Motors, Tata Steel, Maruti Suzuki, ICICI Bank, BHEL, Hindustan Unilever and Reliance Communications are down by 1%- 2%. State Bank of India, HDFC and index heavyweight Reliance Industries are also trading weak. HCL Technologies, GAIL India, SAIL, Tata Communications, Axis Bank and Nalco are among the major losers in the Nifty index.

ONGC, Grasim Industries, Hero Honda and NTPC have posted sharp to moderate gains. ACC is up marginally over its previous closing price. Nifty stock Cairn India has moved up by over 4.25% to Rs 271.20. Siemens is up by 2.1%. BPCL has gained 1.2% at Rs 499.25.

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