After a strong opening on Wednesday, Indian Stock markets reacted at higher levels. Selling pressure was witnessed at intraday high of 4916 for NSE Nifty. At 11.20 a.m. IST NSE Nifty was 2.45% higher at 4854, nearly 62 points lower than its high.

Dr Reddy’s stock was up by 4.66% at Rs 620.  The company announced buyout of Dow Pharma’s small molecule facilities in United Kingdom. Sun Pharmaceuticals was up by 5% while Ranbaxy Laboratories was marginally up.

PSU gas major GAIL announced that the company will market PMT gas. Reliance Petroleum announced that the company will raise $500 million for Jamnagar refinery.  The stock was up by 2% at 11.25 a.m. IST. Reliance Industries was up by 3.8%. The company announced yesterday that it has found new gas reserves.

Among banking stocks Bank of India was a major gainer. The stock gained over 8% at Rs 286. PNB was up by 3%. HDFC Bank, Axis Bank, ICICI Bank, SBI, City Union Bank and OBC were also trading strong.

Among technology stocks Satyam Computers, Infosys Technologies, HCL Tech, Wipro and Rolta were trading strong.

Asian markets are trading strong.  Dow Jones was up by more than 3% on Tuesday. Indian Stock markets lost quite significantly on Monday. The volatility may continue but for long term investors, some stocks are looking attractive at current levels.