Market pares losses

The key benchmark indices staged a sharp recovery as index
heavyweight Reliance Industries moved higher. The 30-share BSE
Sensex recovered nearly 240 points from the days low. Realty and
software shares declined. Mid-cap and small-cap shares witnessed
selling pressure.

At 11:20 IST, the BSE 30-share Sensex was down 33.52 points or
0.24% to 13,961.44. The index shed 273.54 points at the day's low
of 13,721.42, hit in the onset of trading session. The Sensex fell
16.7 points at day's high of 13,978.26, hit in mid-morning.

The S&P CNX Nifty was down 8.45 points or 0.20% to 4214.60.

The BSE Mid-Cap index was down 0.39% at 5,200.44 and the BSE
Small-Cap index was down 0.44% at 6,166.60.

The market breadth was weak on BSE with 763 shares advancing as
compared to 1266 that declined. 72 shares remained unchanged.

India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 2.39% at Rs 2089.90. The
stock came off session's low of Rs 2000.

India's largest drug maker by sales Ranbaxy Laboratories declined
5.24% at Rs 329 on reports the Canadian drug regulator, Health
Canada, issued a notice to Ranbaxy saying it will be particularly
cautious about drug marketing applications from Ranbaxy after the
US drug regulator blocked the sale of more than 30 generic
medicines made in two factories by the company.

Software firms fell on lingering concerns about the economic
prospects for the United States, their biggest export market. Wipro
(down 2.72% at Rs 403.10), Satyam Computer (down 2.17% at Rs
345.10), TCS (down 0.53% at Rs 761.95), and Infosys Technologies
(down 1.47% at Rs 1604), declined. The BSE IT index was down 1.57%
at 3,582.43.

State-run oil refiners fell after crude oil prices advanced. HPCL
(down 2.67% at Rs 224.45), BPCL (down 1.60% at Rs 331.70), and
Indian Oil Corporation (down 1.09% at Rs 378.25), slipped.

Realty shares tumbled. DLF (down 3.78% at Rs 405.10), Indiabulls
Real Estate (down 2.93% at Rs 219), Unitech (down 2.92% at Rs
124.65), and Housing Development & Infrastructure (down 2.83% at Rs
216.85), slipped. The BSE Realty index was down 3.37% at 3,957.34.

Banking shares declined. India's largest private sector bank by
market capitalisation ICICI Bank fell 1.62% to Rs 624.20. HDFC Bank
(down 0.93% at Rs 1285.50), and State Bank of India (down 0.36% at
Rs 1562), declined. The BSE Bankex fell 1.34% at 7,007.06.

Asian markets, which open before Indian markets, were mixed. Key
indices in China, Hong Kong and Singapore were down by 0.39% to
2.68%. However, key indices in Taiwan and South Korea were up by
1.17% to 1.46%. Japanese financial markets were closed today for
Autumnal Equinox Day, a national holiday.