Markets continue to trade sideways

IT, realty and banks gain

Markets continued to trade sideways in late noon trades with the Sensex gaining 88 points to 17,274. Nifty is up 32 points at 5,248.

Meanwhile, in Asia markets went up helped by increased confidence in tech shares such as Advantest after Intel cut its profit forecast less than feared, and investors moved from defensives to riskier yet undervalued assets. Nikkei added0.8%, while Hang Seng, Kospi and Taiwan surged 1.5% each.

BSE IT index added 1.8% to 5,340. Consumer durables, realty and capital goods indices added around 1.5% each.

Maruti Suzuki dropped 7.5% to Rs 1132 after a clash erupted between workers and the managerial staff at its Manesar plant, forcing stoppage of work.

Bharti Airtel shed 2% to Rs 318, followed by Dr Reddy's and ITC. Hero MotoCorp was down 0.5% at Rs 2108 ahead of the company's quarterly results today.

On the other hand, Infosys has gained 2.7% at Rs 2236. BHEL, Tata Motors, Tata Power and Hindalco have added 2% each. ICICI Bank, along with Infosys, accounts for a 56 points gain on the Sensex.

Nomura upgraded Reliance Industries to "buy" from "neutral" on Thursday, saying exploration and production risks have already been priced into share valuations, and adding a weak currency will help boost earnings. Shares of Reliance were up 1.2% at Rs 724.

Meanwhile, aviation stocks went up after Union Commerce minister Anand Sharma recently told the media that the government plans to soon allow foreign carriers to invest up to 49% in Indian airlines. Kingfisher Airlines has added 8.4%. Spice Jet is up 1.2% while Jet Airways trades flat at Rs 360.

Onco Therapies, a wholly owned subsidiary of Strides Arcolab, has received two USFDA ANDA approvals for Fluorouracil Injection. Shares of Strides Arcolab were flat at Rs 786.

BSE market breadth is positive. Out of 2,619 shares traded, 1,502 shares have advanced while 1,012 shares have declined.