Markets remain rangebound, broader markets outperform

BSE Oil & Gas, Realty and IT indices have surged by almost 1% each

Benchmark indices are trading in a tight range with a positive bias led by buying among index heavyweight Reliance Inds.

By 1035, Sensex gained by 43 points at 19,679, and the Nifty up 14 points at 5,954 levels.

On the global front, Asian shares rose to their highest since August 2011 on Wednesday after an improving global economic outlook boosted world equities overnight, encouraging investors to take on risk.

The MSCI's broadest index of Asia-Pacific shares outside Japan added 0.7%, rose for a third day in a row, led by a 1.7% gain in its technology sector. The index has risen 4% so far this year.

Asian shares have been on an uptrend as risks from the euro zone debt crisis the US fiscal crisis abated and signs of tepid recovery emerged in major economies including China. Corporate earnings have also been generally positive.

Back home, the rupee today appreciated by eight paise to 54.10 against the US dollar on the Interbank Foreign Exchange (Forex) market in early trade on increased foreign fund flows amid firm local equities.   

On the sectoral front, BSE Oil & Gas, Realty and IT indices have surged by almost 1% each. However, BSE Consumer Durable index has declined by nearly 1%.

The main gainers on the Sensex at this hour include Reliance Inds, Wipro, CIL, HDFC Bank and TCS.

Reliance Industries gained 2% at Rs 866 on news that the company and its two partners- BP and Niko Resources plan to invest over $5 billion over the next three to five years in the KG-D6 block to develop around 4 trillion cubic feet of discovered natural gas reserves.

The broader market continues to outperform the benchmark indices. BSE Midcap and Smallcap indices have gained between 0.3-1%.