Golden Investment Research (P) Limited
The Sensex recouped its losses sharply from day's low, led by capital goods, private banks and metals stocks. The Nifty was trying to move towards the 4750 level, though the sell-off in FMCG, oil & gas, auto (barring Maruti), Bharti and SBI has capped the recovery. The Sensex was down just 27 points to 15,821.52 and the Nifty declined 2.65 points to 4,744.25.
The NSE Bank Nifty turned positive led by private banks - HDFC Bank gained 0.7% and ICICI Bank rose 0.5% while SBI fell 1.5%.
Capital goods majors too were quite supportive - BHEL shot up 2.9% and L&T turned positive, rising 0.3%. Technology stocks were flat ahead of Infosys Q3 earnings on Thursday.
However, shares of telecom major Bharti Airtel remained under selling pressure, falling 2.5%. Among others, Reliance Industries, HDFC, HUL, M&M, ONGC and ITC were down 0.3-0.9%.
On the global front, European markets were mildly positive ahead the meet between German Chancellor Angela Merkel and president of France Nicolas Sarkozy to discuss details of the fiscal compact.
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