Markets remain rangebound with positive bias

Key share indices remain choppy with a positive bias ahead of the expiry of June futures and options series.

At 10:45, the 30-share Sensex was at 17,009 up 41 points and the 50-share Nifty was at 5,155 up 13 points.  

On the global front, Asian shares rose on Thursday on encouraging U.S. economic data, but prices were capped with investors tense ahead of a European Union summit deeply divided on how to tackle the protracted euro zone debt crisis and stop it spreading further.

Back home, BSE Power, PSU and Capital Goods indices have surged by nearly 1% followed by counters like Metal, Healthcare, FMCG, Consumer Durable, Technology and Oil & Gas, all gaining marginally. However, BSE Auto, Bankex and Realty indices are trading marginally in red zone.

Tata Power is the top Sensex gainer, up nearly 2%. NTPC has gained by over 1%. Power generation companies have extended yesterday’s gain after the Delhi Electricity Regulatory Commission (DERC) announced a 26% increase in power tariff for all domestic consumers with effect from July 1.

Other notable gainers include JSPL, CIL, ICICI Bank, M&M, Infosys, Maruti Suzuki and BHEL.

On the losing side, Tata Motors is trading lower by 1.3% at Rs 236, extending its yesterday’s 3% fall, on reports that India's largest commercial vehicle manufacturer will close its Jamshedpur plant for three days, starting today, in order to stop further piling up of inventory at the dealers end. The company has already closed its Pune plant for three days this month.

Among other shares, Brigade Enterprises has soared over 8% at Rs 52.75 on back of huge volumes after the company said it has signed a joint venture deal with Government of Singapore.

Gabriel India has soared 11% to Rs 55.70, also its 52-week high, ahead of shareholders nod for the bonus issue. The board of auto parts and equipment maker had recommended and approved issue of bonus shares in the ratio of one equity share of Re 1 each for every one equity share, subject to the approval of shareholders at the Extra-ordinary General Meeting (EGM) to be held on July 02 in Pune.

The market breadth in BSE remains positive with 1,266 declines and 723 gainers.