With global share markets moving up, Indian equity benchmarks too entered the reconstruction mode. The 317 points massacre on the Sensex, a pull back was expected. Most of the stocks that lost 2-3 percent have bounced back 1-1.5 percent. Bharti shot up 2.5 percent; investors have got bullish on the telecom giant post failure of spectrum auction. Top largecap gainers on the indices were Sterlite, BHEL, Jindal Steel, HDFC, DLF, JP Associates and Sesa Goa.

At 09.17 AM, the Sensex was up 89.13 points at 19104.27, and the Nifty gained up 32.65 points at 5794.00.Saurabh Mukherjee of Ambit is of the view that the pre-Budget sell-off was due to funding crisis in local market leading to liquidating of pledged funds. In the midcap space, Suzlon was the champion with 8 percent gains. Core and Educomp which collapsed have picked up mome

GLOBAL MARKETS ROUNDUP   
Nifty futures on the Singapore Exchange rose 0.3 percent. The MSCI-Asia Pacific index, excluding Japan   rose 0.5 percent.

Asian shares rebounded on Wednesday as U.S. equities rose on solid data and the Federal Reserve’s affirmation of its commitment to monetary stimulus, but investors remained wary of political gridlock in Italy reigniting the euro zone financial crisis.

U.S. stocks rebounded from their worst decline since November on Tuesday after Federal Reserve Chairman Ben Bernanke defended the Fed’s bond-buying stimulus and sales of new homes hit 4 1/2-year high.

 FINANCIAL/REGULATORY
After long failing to act on foreign investor complaints, Indian policy makers find themselves in an ironic bind: As global interest in Indian derivatives surges, it is Singapore, not Mumbai, that is reaping the benefits.  SEBI has ordered a probe into Monday’s mid-cap crash that saw some stocks plunging up to 60 percent, said the market’s regulator U.K. Sinha.
Insurance regulator IRDA has raised objection over the SEBI’s proposal to allow insurance companies to become “proprietary trading members” for the newly approved debt trading on stock exchanges, Business Standard reported citing
unnamed IRDA officials.

    ENERGY/COMMODITIES
Mawana Sugars Ltd has approached the Board for Industrial and Financial Reconstruction for a revival plan after losses eroded the company’s net worth, Chairman and Managing Director Siddharth Shriram said.
INFRASTRUCTURE
India Infrastructure Finance Co Ltd will provide partial guarantee to bonds issued by 15 infrastructure firms, including GMR Infrastructure Ltd, GVK Power & Infrastructure Ltd, and Larsen & Toubro Ltd as part of its 50 billion rupees credit enhancement initiative, IIFCL chairman SK Goel said.