Broader markets recovered from an early sell-off as bears lurked in the sidelines

Broader markets and benchmarks recovered from an early sell-off on Thursday even as bears lurked in the sidelines due to weak overseas cues that damped local sentiment in Thursday's trade.

The Nifty fell sharply in early trades but managed to bounce back on aggressive buying. Still, the index was down 10 points at 8,484 points in early trade after recovering from a low of 8,465. The Advance-Decline Ratio worsened to 13/36. NMDC, Tata Motors, TCS, ONGC and Infosys were the top losers on the Index while Lupin, BPCL, Sun Pharma, Tech Mahindra and Bharti Airtel posted decent gains.

Sun Pharma was the most active stock on the Index with 115 crore rupees of stock changing hands in the first 20 minutes of trade.

TCS and Glenmark were in heavy demand as well. Amtek auto was the second most traded stock on the NSE, down 33 percent to 59 rupees. 69 crore rupees worth of stock was traded.

Broader indices moved between gains and losses. There was a bit of red or green on the CNX 100, CNX 200 and CNX 500 and CNX Nifty Junior Indexes. The CNX Small Cap and the CNX Mid Cap Indexes moved in opposite directions. The Bank Nifty slipped a further 73 points to 18,629. The CNX Pharma and the CNX FMCG Indices were the only ones in the green.

And on the Bombay Stock Exchange, the Sensex quoted unchanged at 27,929 in the first 20 minutes of trade. The Advance-Decline Ratio stood at 13/17. Lupin, Sun Pharma, Dr. Reddy's, Bharti and Cipla were the top gainers on the Sensex, while Vedanta, GAIL, Tata Steel and ONGC were on the losing side on the Index, where Lupin was the stock most in demand.

The Futures and Options market was weak in Thursday deals with an Advance-Decline ratio of 59/100. Pharma stocks dominated the gainers list which also featured Adani Ports, Indian Oil and Dabur. On the losers side were Tata Steel, Cairn, Sun TV and Kaveri Seed.

The broader market was in fine shape in early deals. The Advance-Decline Ratio was evenly matched at 714 shares that gained versus 689 shares that fell.

Delta Corp, Rupa & Co, Amtek Auto and Jindal Photo figured on the top volume buzzers list, while 3M India, Maruti, Om Metals and Kwality hit fresh highs on the NSE.

(Image credits: Indiatimes)