While Indian markets posted some recovery on early Wednesday following the recovery in global markets, there are some stocks that plunged heavily. These include Natco Pharma that lost 8% of its value. The plunge was followed by Vakrangee and Redington, declining by 5% and 3.73%, respectively. NTPC and HCL Technologies also fell significantly by 3.12% and 2.72%, respectively. Major scrips that fell in the range of 2% - 2.5% are Wipro, Naukri, Page Industries and Cadila Healthcare.
At 12.40 pm, Sensex trades fkat at 34,196 points, merely 18 points higher than Tuesday's closing. Similarly, Nifty trades at 10,510 points, 12 points higher.
The indices that trade in negative are BSE information techology index, BSE capital goods index and BSE teck index. However, oil& gas, realty, energy, healthcare and industrials indices trade in positive. The BSE oil and gas index trades higher by 1.97% and BSE realty index jumps 1.88%.
Today, the benchmark Sensex rose by over 470 points in opening trade on Wednesday, breaking its six-session long losing streak on value-buying in select blue-chips by domestic investors triggered by a recovery in global markets.
However, the market pared gains and traded flat in the afternoon trade in run up to the RBI's monetary policy review that will be announced at 2.30 pm.
The markets worldwide are reeling under pressure on account of decline in the US markets that have been falling dramatically after major sell-offs happened on the hopes of Federal Reserve tightening the monetary policy faster than projected.
However, the US markets posted some recovery that triggered some recovery in the Asian markets as well. Overnight, the Dow Jones Industrial Average (DJIA) rose over 2 per cent in a volatile session and most of the Asian markets were also in the green. In the previous three sessions, the Sensex had fallen more than 1,700 points in tandem with a selloff in global markets. The prospect of monetary tightening across the globe had roiled global equity markets.
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