Markets: A steady session of trade

The markets have been condolidating the gains registered in the early part of trade. The Sensex is quoting at 16846, higher by 65 points or 0.4% and the Nifty is comfortably placed above the 5050 mark at 5057, up 23 points.

Sterlite (stronger by 1.6% at Rs 631), SBI (higher by 1.6% at Rs 2324) and Tata Motors (up 1.5% at Rs 750) are the leading gainers on the BSE. Jindal Steel, Maruti and Jaiprakash Associates are the other outstanding performers. And index heavyweight RIL is trading flat, with a positive bias, at Rs 1011.

On the loser's side, PSU oil & gas stocks are reeling under selling pressure after Empowered Group of Ministers (EGoM) deferred the decision on oil pricing. ONGC has fallen by 1.1% at Rs 1168 to emerge as the top loser on the BSE. Oil India was down 1.8% and oil marketing companies such as BPCL, IOC and HPCL fell 2.7-3%. And RCom has pared its morning gains and is now down 0.9% at Rs 174.

There is outperformance on the broader market front. The midcap and smallcap indices are quoting higher by 1% each at 6872 and 8625 respectively. And the market breadth is strong, with 1599 advancing stocks as against 464 declines on the BSE.