Markets choppy in narrow range

Power shares gain while autos decline

Markets continued to trade on a volatile note in afternoon deals, ahead of the futures & options expiry today. The Sensex is up32 points at 16,999. Nifty is up five points at 5,146.

Asian markets traded mixed ahead of the EU summit scheduled for later in the global day. Japan's Nikkei added 1.6% to 8,874. Hang Seng and Shanghai Composite however slipped half a per cent each.

BSE power index is leading the gains at the moment and is up 0.7% at 1,926. FMCG, capital goods and IT indices have moved up marginally. Meanwhile, BSE auto index continued to languish, dragged down by Tata Motors. The index was down 0.4% at 9,208.

Among individual stocks, Tata Motors has tumbled 1.3% to 236 after the company said that it has halted production for three days due to the 'prevailing economic conditions'.

Gail has slipped 1.5% to Rs 349. SBI, Hindustan Unilever and Hindalco are down half a per cent each. On the other handm NTPC continued to hold on to gains and was up 1.5% at Rs 157. Tata Power and Coal India added 1% each. Power stocks extended Wednesday's gains after Delhi Electricity Regulatory Commission approved a steep tariff hike in Delhi. New Delhi's electricity regulator has approved higher electricity tariffs in the country's capital, by an average of 20.8%, starting July 1 to help the company narrow losses.

HSBC is likely to raise up to Rs 2,450 crore by selling its stake in Axis Bank and YES Bank, reports suggest. Shares of both banks have dropped 1.4% in opening deals.

"Axis Bank has strong support at 980 close below this level would open doors for 945, Yes Bank on charts is range bound 318 - 346 trade and close above / below would add trigger in the direction," said Ravi Nathani, Technical analyst, Nsetoday.com.
BSE market breadth is positive. Out of 2,573 shares traded, 1,338 shares have advanced while 1,1,05 shares have declined in trades.