The BSE Sensex pulled back on Tuesday from an early slide, led by gains in ICICI Bank and Larsen & Toubro, as investors picked bargains after a steep fall.
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Private-sector lender ICICI Bank climbed 2.9 percent to 812.90 rupees, after it posted an unexpected rise in quarterly profit, helped by trading gains and lower provisions, which offset a rise in bad debts.

Larsen & Toubro was up 1.7 percent at 1,594 rupees after the engineering and construction firm said it won a $1.5 billion order.

By 12:01 p.m. (0631 GMT), the 30-share BSE index was up 0.23 percent at 15,933.55, with 17 of its components trading in the green.

The benchmark had shed 7.2 percent in October, its worst monthly fall in a year.

Auto companies pulled ahead on robust vehicle sales for October.

Top vehicle maker Tata Motors climbed 1.9 percent to 575.90 rupees after its sales in October grew by 34 percent from a year earlier.

Maruti Suzuki and Mahindra and Mahindra were up 1.5 percent and 2 percent respectively.

The market had started shakily and fell nearly 9 percent after a three-day weekend, weighed down by losses in world markets and disappointing earnings from large companies.

“Consolidation should continue over few sessions but a steep downside is ruled out,” said Vaibhav Sanghavi, director of Ambit Capital.

Reliance Communications fell as much as 7.8 percent after the No. 2 mobile operator said on the weekend its quarterly net profit halved as network expansion costs, derivative losses and low-paying users weighed.

“We reiterate reduce on RCom as low tariffs are unlikely to provide sustainable advantage over the competition,” BNP Paribas Securities said in a note.

Reliance Communications was down 4.4 percent at 168.20 rupees after hitting their lowest since March 25.

Energy giant Reliance Industries shed 1.4 percent to 1,905.25 rupees after it posted its fourth straight decline in quarterly profits late on Thursday.

Consumer goods maker Hindustan Unilever and aluminium producer Hindalco shed 3 percent and 3.9 percent respectively following a drop in quarterly profit.

In the broader market, losers led gainers in the ratio of 1.7:1 on volume of 167 million shares.

The 50-share NSE index was up 0.3 percent at 4,724.50.

STOCKS ON THE MOVE

* Suzlon Energy was down 8.3 percent at 61.35 rupees after the wind turbine maker said its July-September loss widened and it cut its full-year sales forecast due to order delays.

The stock fell as much as 11 percent in early deals.

* Unity Infraprojects Ltd was up 2.5 percent at 451 rupees after the firm said a joint venture with IVRCL Infrastructure & Projects Ltd won a contract worth

11.46 billion rupees for the construction of a tunnel in Mumbai.

MAIN TOP 3 BY VOLUME

* Sanghi Industries on 11.1 million shares

* Suzlon Energy on 9.8 million shares

* Indiabulls Power on 4.1 million shares