The markets opened on an extremely weak note and was trading in deep red till noon but saw swift recovery post lunch. Buying was seen in technology select auto, metal, oil and telecom stocks. Technology stocks led the uptrend due to depreciating rupee against the dollar. Midcap and smallcap stocks held out their gains and outperformed the frontline indices.

ICICI Bank, Cipla and HLL numbers did not please the markets and are among the losers. However, Reliance Communication results were above street expectations taking it in the list of top gainers.

Top gainers on the Sensex were Reliance Comm, Hero Honda and Tata Steel.

Top losers on the Sensex were ICICI Bank, HLL and Cipla.

Sensex was down 36.21 points or 0.26% at 13872.37, and the Nifty up 4.40 points or 0.11% at 4087.9.

About 1365 shares have advanced, 1052 shares declined, and 77 shares are unchanged.

The BSE Midcap Index ended at 5,795.72 up 62 points or 1.08%.

The BSE Smallcap Index ended at 6,993.84 down 52 points or 0.8%.

The BSE Bankex was up 2.9% at 6,882.89. IOB, Oriental Bank, Centurion BoP, SBI moved upwards.

The BSE Capital Goods Index was up 0.6% at 9,880.45. Dredging Cor, Praj Industries, Carborundum, Alstom Projects closed higher.

The BSE Health Care Index was up 0.2% at 3,702.69. Aventis Pharma, Ipca Labs, Aurobindo Pharm, Glenmark, Nicholas Pirama closed higher.

The BSE Auto Index closed at 4,998.71 up 1.1%. Cummins, TVS Motor, Escorts, Tube Investment, Hero Honda surged.

The BSE Metal Index closed at 9,835.72 up 1.1%. Jindal Steel, Hind Zinc, Sterlite Ind, Welspun Guj closed higher.

The BSE IT Index closed at 5,053.29 up 2%. Patni Computer, Moser Baer, TCS, HCL Tech, Mphasis advanced.

BSE Oil and Gas Index closed at 7,135.34 up 0.8%. GAIL, Reliance Natura, MRPL, Chennai Petro ended higher.

The BSE FMCG Index lost 1.1% at 1,800.55. HLL, Britannia, ITC, P&G closed lower.

The NSE cash turnover was at Rs 7561.99 crore and the NSE F&O turnover was at Rs 25629.5 crore. The BSE cash turnover was Rs 3266.44 crore. Total market wide turnover was at Rs 36457.93 crore.

Markets show recovery: Rel Comm, TCS top gainers

The markets have shown recovery and are off day's low on account of buying seen in IT stocks. The Nifty is currently trading flat.

Midcap and smallcap indices have outperformed the frontline indices.

ICICI Bank, Cipla and HLL numbers did not please the markets and are among the losers. However, Reliance Communication results were above street expectations making it the top gainer on Sensex.

At 14.20 pm IST, the Sensex is down 61.08 points or 0.44% at 13847.5, and the Nifty down 6.65 points or 0.16% at 4076.85.

About 1252 shares have advanced, 1065 shares declined, and 77 shares are unchanged.

Top gainers on Sensex are Reliance Communication, TCS and Infosys.

Top losers on the Sensex are ICICI Bank, HLL, HDFC, Bharti Airtel.

Index heavyweight Hindustan Lever was trading at Rs 199.15 down 4.94% from its previous close of Rs 209.50.

Index heavyweight Reliance was trading at Rs 1,545.00 up 0.44% from its previous close of Rs 1,538.20.

Tech major Infosys was trading at Rs 2,053.55 up 2.33% from its previous close of Rs 2,006.80.

Cigarette major ITC was trading at Rs 160.05 down 0.4% from its previous close of Rs 160.70.

Refinery major HPCL was trading at Rs 272.75 up 1.49% from its previous close of Rs 268.75.