Sensex recovers from day’s low…IT stocks shine

Markets have come off their day’s low in the mid-afternoon trades mainly aided by the IT majors like Infosys, TCS and Wipro. The CNX IT index has surged over 100 points hitting its new 52-week high.

Cues form the Asian markets continue to remain slightly negative, the Hang Seng index in Hong Kong was down 0.3% while the Nikkei index in Japan ended lower by 0.7%.

Among the 30-components of Sensex, 22 are in the red and 8 are in the positive terrain. Reliance Industries, SBI, ICICI Bank, ITC and HDFC Bank are among the top laggards. Bucking the negative trend were, Infosys, Sterlite, TCS and Wipro.

At 1:08 pm (IST), the BSE 30-share Sensex was down 76 points at 16,957 and the NSE Nifty was down 26 points at 5,031.

Shares of Glenmark have gained by 1% to Rs231 after reports stated that the company has settled patent litigation with Medicis Pharmaceutical Corporation and has entered into a co-development arrangement on its specialty drug to treat acne.

The stock opened at Rs229 and made an intra-day high of Rs234 and a low of Rs228. Total traded volumes stood at 0.36mn shares.

Shares of Take Solutions have shot up by over 15% to Rs34.70 in a single trading session on the back of huge volumes witnessed in the counter.

Such huge volumes were last seen in the month of September 2009 which propelled the stock over 15% in two trading sessions.

On Tuesday, the stock opened at Rs30 and made an intra-day high of Rs34.80 and a low of Rs29.50. Total traded volumes stood at 0.35mn shares.