Mumbai: The 50-share NSE Nifty rose 0.5 per cent after a recovery in Asian markets on Wednesday. Oil & gas, FMCG, Anil Dhirubhai Ambani Group stock, select technology and financial stocks led the support. The BSE Sensex gained 86 points at 17,567 and the NSE Nifty jumped 26 points to 5,283.65.
Despite market's poor performance in the past two days, Portfolio Manager on Wednesday, G-20 meet at Cannes on November 3 and 4.
Reliance Industries and ONGC rallied 1.5 per cent each. SAIL gained 1.6 per cent ahead of quarterly numbers. ITC, TCS, HDFC Bank, SBI, NTPC, HDFC and ICICI Bank moved up 0.3-1 per cent.
Reliance Communications was the biggest gainer, rising 3.5 per cent as there were reports that RIL may tie up with the company for telecom services.
However, PNB crashed 3.5 per cent post reports that the bank may restructure loans of power companies.
Bharti Airtel, Coal India, Tata Motors, Tata Steel and Axis Bank fell over 0.6 per cent. Hero Motocorp slipped 1.7 per cent.
On the global front, Asian markets recovered further. Shanghai, Hang Seng, Kospi and Taiwan were down between 0.3 per cent and 0.7 per cent. Only Nikkei lost 2 per cent. In the morning trade, these markets were down 1-2 per cent on sharp fall in US and European markets on Tuesday.
At 10:26 hours IST Sensex recovers; RIL, HDFC Bank, Infy, SBI lend support
Indian equities recovered almost all the early losses led by support from heavyweights Reliance Industries, TCS, SBI, ONGC and Infosys. It seems that the market has priced in all negatives and is eyeing the decision of a meeting between France & Germany and Greek PM Papandreou before the G-20 meet starts tomorrow. The meeting was after the Greece's abrupt call for a referendum on EU bailout deal, which have spooked global markets since Tuesday.
Asian markets too pared some losses; Shanghai, Hang Seng and Kospi fell 1 per cent each. Taiwan was down 0.7 per cent and Nikkei lost 1.7 per cent while Straits Times gained 0.5 per cent.
Meanwhile, the 30-share BSE Sensex gained 17 points at 17,498 and the 50-share NSE Nifty rose 5.65 points to 5263.60.
Reliance Industries and HDFC Bank gained 0.6 per cent each. M&M and Bajaj Auto rallied 1 per cent each. Infosys, SBI and TCS were up between 0.2 per cent and 0.4 per cent.
However, ICICI Bank and L&T continued to see selling pressure for the second consecutive session on Wednesday, losing 0.6 per cent each.
Hero Motocorp and Tata Motors slipped 1.5-2 per cent post monthly sales numbers. Metal stocks were under pressure; Tata Steel, JSPL, Hindalco and Sterlite fell 0.5-1.5 per cent.
Bharti Airtel, HDFC, BHEL, NTPC, ITC and HUL were marginally lower.
The market breadth was in favour of declines; about 561 shares gained while 684 shares slipped on National Stock Exchange.
US markets
US stocks slid during the opening trade on Tuesday. The US markets finished near lows in volatile trading and the CBOE volatility index surged more than 15 per cent to end near 35.
Dow Jones Industrial Average was down 2.48 per cent or 297.05 points at 11657.96. Nasdaq Composite shed 2.89 per cent or 77.45 points at 2606.96. Standard & Poor's 500 fell 2.79 per cent or 35.02 points at 1218.28.
Asian markets
At 7:43 am (IST), Asian markets were trading weak. China's Shanghai Composite shed 1.32 per cent or 32.49 points at 2,437.53. Hong Kong's Hang Seng slipped 1.56 per cent or 302.58 points at 19,067.38.
Japan's Nikkei fell 1.88 per cent or 166.12 points at 8,669.40. Singapore's Straits Times was down 0.89 per cent or 24.80 points at 2,764.55.
Europe markets
European shares tumbled as anxiety over the Euro zone debt crisis intensified.
Greek Prime Minister George Papandreou told his cabinet that the vote on the bailout plan would go ahead and that he is confident that the government will win a vote of confidence which is coming up this Friday.
But it will have to pass through Euro zone's heavyweights. French President Nicolas Sarkozy and Angela Merkel have summoned Papandreou to Cannes for emergency talks ahead of the G20 summit this weekend.
Fitch Ratings states that the Greek Prime Minister George Papandreou's decision to put the latest European Union bailout deal for the country to a public referendum has increased the risk of a forced and disorderly sovereign default, and even the risk of a Greek exit from the Euro.
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