Flat trend continues

Metals shine

Markets continue to remain in a narrow range in the early noon deals with the Sensex up 47 points at 18,553 and the Nifty added 10 points at 5636.

In the broader markets, the midcap and the smallcap indices were up 0.8% each outperforming the Sensex which gained 0.2%.

Among the sectoral indices, Consumer Durables, Metal and Health Care gained over 1% each followed by FMCG, IT and Capital Goods gaining 0.-0.7%. Meanwhile, PSU and Bankex remained in the negative, losing 0.4% and 0.2% respectively.

Among the Sensex stocks, metal names like Sterlite, Tata Steel and Hindalco up 2-3% were the top gainers. Hindustan Unilever, Tata Motors, Dr Reddys Lab, Wipro, Tata Power, Bharti Airtel and L&T up 1-2% were the other notable gainers.

The losers in the noon deals were Mahindra & Mahindra, BHEL, HDFC Bank, Sun Pharma, Gail India, ICICI Bank and HDFC down 0.5-2%

In individual stocks, MT Educare was up 6% to Rs 132.25, extending its Friday’s 15% rally, after the company which owns the Mahesh Tutorials brand said that it has agreed to acquire 51% stake in Lakshya, a leading North India based IIT entrance teaching institute for an undisclosed amount.

Aviation stocks continue to fly high with SpiceJet, Jet Airways and Kingfisher Airlines gaining 5-15%.

The market breadth was positive. 1445 stocks advanced while 1102 stocks declined on the BSE.