Markets witness some recovery in early deals; Sensex reclaims 23000

Indian markets have made a good start supported by jubilant global cues, after a day of witnessing a sharp slump. Traders which were feeling a bit disappointed with the Rail Budget have gone for value buying and some of the beaten down sectors are seeing early interest taking Sensex above the 23000 mark.  Traders were getting encouragement with the rally in US markets overnight and the good going in the Asian peers after the oil prices resumed their upmove. Though, all eyes are on the Economic Survey reported, slated to be tabled in the parliament later in the day, where the government  will detail on the investment climate, stalled projects, debt overhang and other factors that have been acting as deterrents to growth. The Survey will also underscore potential ways and means of reviving public investment and chart out a projected economic growth for the next fiscal. Back on street, most of the sectoral indices were in green, while traders were also getting some support with the recovery in the domestic currency, which has moved higher in early deals.

Banking stocks are showing some action after the central bank tweaked some of the SDR norms. Railway stocks that had suffered sharp slump in last session were still reeling in red, Kalindee Rail Nirman was down by around 8%, Texmaco rail Engineers was down by over 8%, BEML was down by 3% and Kernex Microsystems was down by around 5%.

The BSE Sensex is currently trading at 23068.85, up by 92.85 points or 0.40% after trading in a range of 23066.72 and 23227.91. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading marginally in green; the BSE Mid cap index was up by 0.07%, while Small cap index was up by 0.06%.

The top gaining sectoral indices on the BSE were IT up by 1.04%, TECK up by 0.80%, Capital Goods up by 0.71%, Realty up by 0.36%, Bankex up by 0.32%, while Auto down by 0.07%, and Power down by 0.02% were the losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.57%, Mahindra & Mahindra up by 1.55%, TCS up by 1.32%, Adani Ports &Special up by 1.26% and Tata Motors up by 1.12%. On the flip side, Bajaj Auto down by 2.15%, Hero MotoCorp down by 2.09%, Maruti Suzuki down by 1.08%, Tata Steel down by 0.97% and Bharti Airtel down by 0.85% were the top losers.

The CNX Nifty is currently trading at 7011.70, up by 41.10 points or 0.59% after trading in a range of 7008.30 and 7052.90. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were HCL Tech. up by 2.58%, Larsen & Toubro up by 1.71%, Infosys up by 1.64%, TCS up by 1.60% and Axis Bank up by 1.44%. On the flip side, Bajaj Auto down by 2.41%, Hero MotoCorp down by 2.00%, Idea Cellular down by 1.36%, ACC down by 1.24% and BPCL down by 1.22% were the top losers.

All the major Asian markets were trading in green, KOSPI Index was up by 3.7 points or 0.19% to 1,922.27, FTSE Bursa Malaysia KLCI gained 4.36 points or 0.26% to 1,662.52, Shanghai Composite was higher by 11.84 points or 0.43% to 2,753.09, Taiwan Weighted added 17.61 points or 0.21% to 8,383.47, Jakarta Composite was up by 48.24 points or 1.04% to 4,706.56, Nikkei 225 increased by 168.2 points or 1.04% to 16,308.54 and Hang Seng surged by 308.39 points or 1.63% to 19,197.14.