Markets remain range-bound

The markets seem to be taking time to digest the gains of the morning and chart out its next move. The Sensex has been trading in a tight range of a little over 100 points to quote at 16829, higher by 48 points and the Nifty is at 5051, up 17 points. FMCG, auto and banking are the leading sectoral gainers on the BSE.

In the FMCG sector, HUL is stronger by 1.3% at Rs 254, ITC has strengthened by 0.9% at Rs 290 and Godrej is up 4.3% at Rs 362. In the auto sector, Tata Motors has raced ahead by 1.4% at Rs 750, Maruti has gained by 1.2% at Rs 1331 and M&M has added 0.7% at Rs 582. And the banking sector is seeing the likes of Axis Bank, SBI and Yes Bank strengthening by nearly 2% each.

However, there is activity in select pockets such as aviation as the Empowered Group of Ministers (EGoM) failed to take a decision on the Kirit Parikh Committee Report recommending fuel price hike. SpiceJet has soared by more than 8% to Rs 62, while Kingfisher Airlines and Jet Airways are trading higher by 5% and 3% respectively on the BSE.

RCom is now the top loser on the Sensex, having weakened by 1% at Rs 174. ONGC has shed 1% at Rs 1169 and Bharti Airtel has lost 0.8% at Rs 265.

The market breadth is strong. Out of 2451 stocks traded on the BSE, there are 1733 advancing stocks as against 643 declines.