Markets remain rangebound, RIL up 1%

The markets continue to remain rangebound with the Sensex and the Nifty oscillating between negative and positive zone. After witnessing a strong rally yesterday, markets seem to consolidate at current levels ahead of Infosys' Oct-Dec earnings on Thursday.

At 1130 hrs, the Sensex was up 13 points at 16,178 levels while the 50-share Nifty inched up by 4 points at 4,853 levels. 

On the global front, Asian markets have turned mixed after hitting a month-high on Wednesday. Buoyed by optimism about the world's top two economies, but the euro struggled on concerns over euro zone sovereign funding ahead of key auctions.

Back home, Index heavyweights like RIL, HDFC, ICICI Bank and SBI have gained between 1-2%.

BSE Realty index has spurted by 2%. DLF is the top Sensex gainer, up by 3%. Other real estate shares like Godrej Properties, HDIL, Indiabulls Real Estate, Mahindra Lifespace, Parsvnath Developers, Peninsula Land, Prestige Estates, Sobha Developers, Sunteck Realty and Unitech have gained between 1-10%. Real Estate segment have gained for second straight trading session on anticipations that the RBI will start cutting interest rates to support the slowing economy.

From the Metal space, Sterlite, Hindalco and Tata Steel have gained between 1-3%. Metal stocks have gained ground amid continued anticipation of further Monetary Policy easing from China.     

In the auto segment two-wheeler shares Hero MotoCorp and Bajaj Auto have gained between 1-2%.

However, BSE Technology index is trading weak, declining by nearly 0.4%. Shares of Infosys are marginally in red ahead of third quarter results tomorrow. TCS and Wipro are down between 0.5-1.5%.

The broader indices are outperforming the benchmark indices; the BSE Midcap Index is up 1% and Smallcap is up 1%.

Shares of retailers surged after the government on Tuesday, enacted an order fully opening the country's single-brand retail sector to foreign investment. Pantaloon Retail, Shoppers Stop, Trent, Provogue India, V2 Retail, Brandhouse Retail, Store One Retail and Koutons Retail rose by between 5-15%.

Aviation stocks too gained pace on hopes that FDI proposal may get passed soon as Home Ministry said all ministries were supportive of Aviation FDI proposal. Kingfisher Airlines and Jet Airways have gained between 3.5-4%.

Lovable Lingerie, Reliance Industrial Infrastructure, Aptech, Jai Corp and EID Parry have rallied on back of huge volumes.

Amtek India has gained 3% after net profit rose 34.37% to Rs 33.35 crore on 40.89% increase in net sales to Rs 461.02 crore in Q2 December 2011 over Q2 December 2010.