MUMBAI: The Sensex opened 0.55 percent higher on Wednesday after falling to their lowest close in more than three years in the previous session, but slipped into negative territory before pulling back. ICICI Bank and ONGC lead the gains. By 10 a.m., the 30-share BSE index was up 0.08 percent at 8,434.26 points. The 50-share NSE index was up 0.32 percent at 2,630.85.
Earlier report:
"The statistical charts show weakness, so the trend in the broader market will be downwards. There could be brief recoveries in the middle because of short covering," said Vinod Bansal, director of Ficuswealth.com.
Bank stocks, which have been pummelled recently, are expected to see no relief. The banks will not report much treasury gains this quarter as a cut in interest rates does not seem to be on the horizon, Bansal said.
Most Asian stocks recovered from an early slide. By 0357 GMT, Japan's Nikkei stock average was up 0.18 percent as defensive shares climbed, while MSCI's measure of other Asian markets rose 0.35 percent.
Nifty futures traded in Singapore were little changed, pointing to a steady opening in India.
India's 30-share BSE index fell 2 percent on Tuesday to 8,427.29 points, its lowest close since Nov. 10, 2005, as deepening concerns about the global economic outlook and wobbly regional markets drained investor appetite.
STOCKS TO WATCH
* Shares of export-focused outsourcers after the rupee dropped to a record low beyond 52 per dollar on Tuesday.
* Eicher Motors Ltd, after VE Commercial Vehicles, the joint venture between Volvo and the Indian firm, said it passed on an excise duty cut of 2 percent to its customers.
* Rane Brake Lining Ltd, after Rane Holdings Ltd and Nisshinbo Industries said they would make an open offer at 50 rupees a share to buy 20 percent of Rane Brake Lining.
