Midsession: Sensex recovers losses on blue-chip buying

Midsession: Sensex recovers losses on blue-chip buying

Mumbai: The Bombay Stock Exchange benchmark Sensex recovered from the day’s low on the back of positive sentiments across most of the European markets. Further, strong buying in several blue-chip stocks at lower levels also helped the market to regain a significant portion of lost ground in mid afternoon on Tuesday.

The technology and realty indices are leading losses as both the index declined by 2.60% and 2.34% respectively. On the other hand, FMCG, metal and banking stocks are witnessing some buying interest.

At 2:54pm, the 30-share BSE Sensex was up 105.12 points at 16,971.53 and NSE Nifty was 27.30 points higher at 5,030.50.

Bharti Airtel is the top loser from the BSE pack, trading lower by 11.63% at Rs353.75, while Hindustan Unilever is the top gainer trading higher by 5.27% at Rs280.9.

The most active shares on NSE are Bharti Airtel at Rs353.50 with a total traded quantity of 5,49,92,353 shares followed by Reliance Communication trading at Rs267.55 with a total traded quantity of 2,60,52,251 shares.

Reliance Communication on 5 October 2009 announced that it will offer a flat rate for all calls on its network at 50 paise a minute. The scheme, which will replace all existing schemes, has raised concerns of a fresh tariff war.

Bahrti Airtel is down on reports the auction of 3G telecom services by the government could be delayed. Besides, concern that lower call charges will cut earnings, also contributed to downturn.

“The policies that are coming may be good for the consumers, but are bad for operators. Competition will only intensify further," said V.K. Sharma, head of research at Anagram Stock Broking.

Meanwhile, L&T Ltd stocks are up by 0.01% to Rs1,655 as the company bagged new orders totaling Rs1,513 crore during the second quarter of FY10.