The Nifty was trading in a tight range around 5250 level at 14:24 hours, though it trimmed some losses and recovered more than 70 points from day's low of 5,197, led by private banks, Anil Dhirubhai Ambani Group, auto, power and select healthcare companies' shares. Short covering could be the reason behind this recovery as traders might have felt that the markets were oversold.
However, the consistent selling in heavyweights like Reliance Industries, SBI, BHEL, Bharti Airtel, Infosys, TCS, HDFC, Wipro and HUL was putting pressure - down 2-3%. Metal companies' shares too were down barring SAIL with 6% gain.
We cannot ignore that a visitation of 4,900 levels looks very likely, says Rajesh Jain, independent market strategist. He said, however, "I hold the view that this is a good time to pick up that initial 20% of the stocks of your portfolio and perhaps, continue to accumulate them."
The 30-share BSE Sensex was trading at 17,500, down 92 points and the 50-share NSE Nifty fell just 12 points to 5,241. The broader indices too were showing recovery - the BSE Midcap Index was down just 0.3% and Smallcap down 1%.
ICICI Bank and Axis Bank from financial space gained 1-1.5%; IDFC rallied 3% and HDFC Bank was up 0.4%. DLF from realty space bounced back with 2% gain.
ADAG stocks like Reliance Communications, Reliance Power and Reliance Capital were up 1-3%. Reliance Infrastructure was the biggest gainer with 10% rise as the company will consider share buyback on February 14.
Tata Motors from auto pack gained more than 2% followed by Maruti, Hero Honda, Bajaj Auto and M&M with 0.5-1.3% rise. Heavyweights L&T and ITC rallied 1-2%.
New listing - Omkar Special was trading at Rs 56.60, down 42.24% as compared to issue price of Rs 98 a share.
Infrastructure was the most beaten down sector since Tuesday, which showed bounced back today. Lanco Infratech surged 22% and GMR Infra gained 12%.
We cannot ignore that a visitation of 4,900 levels looks very likely, says Rajesh Jain, independent market strategist. He said, however, "I hold the view that this is a good time to pick up that initial 20% of the stocks of your portfolio and perhaps, continue to accumulate them."
The 30-share BSE Sensex was trading at 17,500, down 92 points and the 50-share NSE Nifty fell just 12 points to 5,241. The broader indices too were showing recovery - the BSE Midcap Index was down just 0.3% and Smallcap down 1%.
ICICI Bank and Axis Bank from financial space gained 1-1.5%; IDFC rallied 3% and HDFC Bank was up 0.4%. DLF from realty space bounced back with 2% gain.
ADAG stocks like Reliance Communications, Reliance Power and Reliance Capital were up 1-3%. Reliance Infrastructure was the biggest gainer with 10% rise as the company will consider share buyback on February 14.
Tata Motors from auto pack gained more than 2% followed by Maruti, Hero Honda, Bajaj Auto and M&M with 0.5-1.3% rise. Heavyweights L&T and ITC rallied 1-2%.
New listing - Omkar Special was trading at Rs 56.60, down 42.24% as compared to issue price of Rs 98 a share.
Infrastructure was the most beaten down sector since Tuesday, which showed bounced back today. Lanco Infratech surged 22% and GMR Infra gained 12%.
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