Markets continue to trade sideways

FMCG shares buck trend

Markets are consolidating at the current levels in late-morning trades. The Sensex is up 104 points at 17,462. Nifty has gained 39 points at 5,329.

Asian markets have gained after robust U.S. corporate earnings, a well-received Spanish debt sale and an upbeat German economic sentiment survey. Nikkei has regained the 9,500 levels and is up 2% at 9,668. Hang Seng and Shanghai Composite are up 1-2% each.

Most of the sectoral indices were in the green. BSE consumer durables index gained 2% at 6,816. Power, auto, metal and oil & gas indices have added over 1% each.

Reliance is the biggest contributor to the Sensex's upmove. The stock is up 1% at Rs 754. Banking shares are also in green with HDFC Bank and ICICI Bank accounting for a 24 points gain in the Sensex.

Bajaj Auto has added 3% to Rs 1,723. Hindalco, Sterlite and Tata Steel from the metal pack have moved up 1-2% each. Among othergainers are Tata Motors, Sun Pharma, Gail India and Wipro.

However, FMCG shares are in the negative zone. ITC has slipped 1.8% at Rs 242. Hindustan Unilever has dropped 0.3%. Infosys and Coal India are down half a per cent each.

BSE market breadth is positive. Out of 2,598 shares traded, 1,687 shares have advanced while 780 shares have declined.