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Live: Sensex makes up lost ground, reclaims 28000

14:00

The News International Team

2:30 pm: Meanwhile, markets have staged a late recovery with both the Nifty and Sensex crawling back, just about, to positive territory.

The Sensex is now up 0.06 percent to 28,049 while the Nifty has gained 0.08 percent to 8,389. Will the Nifty close above 8,400 today?

2:00 pm: Indian shares were trading lower Thursday, with mid and small cap stocks as well as high-beta shares such as capital goods reversing course and falling more than the frontline indexes, a move signaling risk aversion has set in in the markets.

At the time of this writing, the BSE Sensex was down 103 points, or 0.37 points, to 27,927 while the NSE Nifty fell 0.3 percent, or 24 points, to 8,358.

In sector movers, autos and capital goods, were down by more than 1 percent while mid and small cap shares were off 0.5 percent and 0.8 percent, respectively,

The downmove signaled the third day of consolidation this week after stocks inched to fresh all-time highs on Monday.

In sectoral moves, IT and pharma shares bucked the declining trend by climbing 0.5 percent each after the rupee fell to a nine-month low at 62.18 to the US dollar.

Sugar stocks crashed significantly with a 5 to 7.5 percent down move for leaders Shree Renuka, Balrampur and Bajaj Hindusthan after a much-awaited government to help exports did not appear to be materializing.

While in individual movers, Indiabulls Securities surged 7.4 percent after its subsidiaries acquired properties of India Land worth Rs 600 crore.

Kotak Mahindra Bank and ING Vysya both climbed 7.5 percent each amid speculation Kotak would acquire the latter, a move that analysts said would be highly synergistic.

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