Bajaj Auto, Coal India surge in a rangebound market

However, Coal India, Baja Auto and GAIL gain 1-2.5%

Markets continue to trade in negative terrain with the Sensex down 14 points at 25,355 and the Nifty dipped five points to trade at 7,575.

Broader markets continue to hold on to its morning gains.

In individual names, Bajaj Auto was trading higher by 2.5% to Rs 2,275 and was the top gainer among Sensex-30.

Godrej Properties has moved higher by 5.5% to Rs 250 after huge block deal executed on the counter on the Bombay Stock Exchange (BSE).

AstraZencea Pharma India dipped 2% to Rs 1,127 on reports that the capital market regulator directed stock exchanges to monitor the delisting process of the drug maker.

Reliance Communications slipped 3% after the company said on Tuesday it is launching a share sale to institutional investors as it looks to reduce debt.
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(Update at 1030 hrs)
Markets started on a very quiet note with the benchmark indices hovering around yesterday's close. At 0920 hrs, the Sensex was down nine points at 25,363 and the Nifty slipped three points at 7,577.

However, there was buying in the some buying in the broader markets. The mid and smallcap indices gained 0.5% each, clearly outperforming the BSE benchmark index.

Sectors & Stocks

Bankex, Capital Goods, Realty, Oil & Gas and FMCG indices started the day in red, down 0.1-0.6%.

On the other hand, IT, Auto, Consumer Durables and Metal indices gained 0.3-0.5%.

Auto names like Baja auto and Tata Motors up 1-2% were the top gainers among Sensex-30 in opening trades.

Gail India, BHEL, NTPC, Cipla, HDFC and Coal India up 0.6-1% were some of the other notable gainers.

There was some profit booking in the names that lead yesterday’s rally. ITC, Bharti Airtel, ICICI Bank, Axis Bank and RIL dropped 0.4-1%.

The market breadth was positive on BSE. 1049 stocks advanced while 502 stocks declined.

Global Markets

Asian shares were on the back foot early on Wednesday, taking their cue from Wall Street as the deepening crisis in Iraq and a report that the U.S. could be loosening restrictions on crude exports triggered a rally in oil prices.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped about 0.1%, while Japan's Nikkei stock average skidded 0.4%.

U.S. stocks fell on Tuesday as early enthusiasm from economic data faded and concerns about the violence in Iraq gave investors a reason to sell and book some profits, driving the Dow to its biggest drop in over a month.

In the latest signs of improving economic conditions, consumer confidence surged more than expected in June, while new home sales in May rose more than anticipated. The data offered the latest evidence that the economy has regained momentum after stalling during harsh winter conditions.

he Dow Jones industrial average fell 0.7%, to end at 16,818. The S&P 500 lost 0.64%, to 1,950. The Nasdaq Composite dropped  0.42%, to 4,350.