Monday, the Indian market has made a sharp come back during the day after opening on a weak note. After opening lower due to mixed global cues, the market has cut most of its early losses on stock-specific buying. However, trading remains choppy due to profit taking ahead of the expiry of April series derivative contracts on Wednesday.

After making a gap-down opening at 11,237, the BSE Sensex has recovered considerably in early trading. The Sensex is now trading at 11,317, down 12 points or a mere 0.11% and the S&P CNX Nifty is trading at 3,468, down 0.37%.

Meanwhile, the broader market is showing strong gains. While the broad-based BSE 500 index is up nearly 0.4%, the small-cap and the mid-cap indexes are rising around 1.2% each. The market breadth on the BSE is fairly positive, with 1123 gainers compared to 555 stocks that are declining.

Sector-wise, while IT, auto and FMCG stocks are coming under selling pressure, banking and metal stocks are showing notable gains.

Among the major decliners, Maruti Suzuki is losing 3.15%, Tata Power is down 1.87% and Infosys is declining 1.59%. Ranbaxy, NTPC, Bharti Airtel, Hindustan Unilever, State Bank of India, TCS and HDFC are the other major losers.

However, Jaiprakash Associates, Sterlite, ICICI Bank, Tata Steel, Grasim Industries, Mahindra & Mahindra, BHEL, Sun Pharma, Tata Motors, Reliance Infrastructure and HDFC Bank are trading firm.

ICICI Bank is rising 2.52% despite reporting a 35% fall in its quarterly net profit. Pantaloon Retail (India) is jumping nearly 5% after its standalone net profit rose a modest 7% for the three months to March.

Escorts is up 1.87% after the company proposed to merge its wholly owned subsidiary, Escorts Agri Machinery Inc (USA) with itself. Ballarpur Industries is losing 2.21% on reporting a 12% fall in its net profit for the March quarter year-over-year. In another development, the company's board has decided to buyback zero coupon convertible bonds worth $60 million.

Ranbaxy Laboratories is losing 3.33% after it has reported a consolidated loss of Rs.761 crore in the March quarter compared to a profit of Rs.85.8 crore in the same quarter last year. Cipla is gaining 3.80% after its standalone net profit rose 41% for the March quarter year-over-year.

Jet Airways is down 0.49% on reports that it is seeking assistance from financial institutions, the US Exim Bank and European export credit agencies, to reschedule a $2 billion loan that was raised to buy 27 Boeing and eight Airbus aircrafts. IDBI Bank is declining 1.26% after the bank decided to set up & enter into the mutual fund business either as a wholly owned subsidiary or as a joint venture.

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