Sensex, Nifty Recover After Early Setback, Up Modestly Amid High Volatility

(RTTNews) - After a weak start and a subsequent drop to lower levels, Indian stocks recovered well Thursday morning, lifting the benchmark indices Sensex and the Nifty50 well above the flat line.

Despite the U.S.-China trade deal, there is still some uncertainty over the Trump Administration's tariff moves against some of its major trading partners. Also, investors are awaiting more economic data for clear signals about the market's near term prospects.

The BSE benchmark Sensex, which dropped to a low of 80,762.16, losing nearly 700 points in the process, rallied to 81,705.54 before easing to 81,447.47, still netting a gain of 116.91 points or 0.14%.

The National Stock Exchange's Nifty50 is up 57.25 points or 0.23% at 24,724.15. The Index, which tumbled to 24,494.45, climbed to 24,807.75 before paring some gains.

Tata Motors is up nearly 2.5%. Adani Ports is gaining about 1.5%, while Tata Steel, UltraTech Cement, Tech Mahindra, Bharti Airtel, HCL Technologies, ICICI Bank, Axis Bank and Asian Paints are up 0.5 to 1%.

NTPC, Power Grid Corporation, IndusInd Bank and Infosys are down 0.3 to 1%.

Eicher Motors Limited reported a 27.3% jump in fourth-quarter earnings to Rs 1,362.2 crore, compared to a year ago. The stock climbed to Rs 5,559.60 in early trades, but dropped to Rs 5,447.00 subsequently, up just marginally over its previous closing price.

Jubilant Foodworks Ltd., said its profit climbed 93% to Rs 49.5 crore in the fourth-quarter, from Rs 25.6 crore in the year-ago quarter. The stock is down 2%.

Lupin is gaining nearly 1%. The company's net profit surged 112.5% to Rs 782.4 crore in the fourth-quarter, compared to the year-ago quarter.

Tata Power is up just marginally, despite reporting a 43% jump in quarterly earnings.

Muthoot Finance is declining more than 5% despite reporting a 25% increase in quarterly earnings.

The market breadth is quite strong. On BSE, 2,458 stocks are up in positive territory. 1,057 stocks are weak, while 191 stocks are little changed from previous closing levels.