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Sensex recovers, hovers at 3400 level in the morning session

The stock markets opened firm on Monday morning as news filtered in that the Budget will be adopted in toto, irrespective of who forms the government. This spurred buying activity among operators, Indian financial institutions and foreign institutional investors.

The 30-share benchmark index, the Sensex, recovered 80 points straightaway in the morning session, and was hovering around 3400 level by 1300 hrs. On Saturday it closed at 3326.98.

FIIs were reported to be active at the counters of Cummins, Zee Telefilms, Hindalco and Cipla. Hindustan Lever Limited was leading the recovery on the FMCG sector. While domestic pharma stocks were on the upswing, multinational pharmaceutical companies were lying low. Infotech stocks were also staging a healthy recovery as both blue chip companies and small-time outfits fared well in the morning session.

BPL hit the upper limit of the circuit breakers. Pivotals were also posting huge gains led by tobacco major ITC.

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