Markets remain rangebound with positive bias

BSE IT and TECk indices have surged by almost 2% each

Benchmark indices continue to remain volatile in a narrow range, oscillating between negative and positive terrain.

By 10:50, the 30-share Sensex was up 55 points at 19,372 and the 50-share Nifty was up 15 points at 5,865.

On the global front, Asian shares edged higher on Monday, with investors still picking up shares battered by last week's steep plunge, while the yen fell to fresh lows on news a reflationary advocate could head the Bank of Japan next month.

The HSBC flash purchasing managers' index (PMI) for February slipped to 50.4, the lowest in four months and down from January's final reading of 52.3, which had been the best showing since January 2011.

Back home, the rupee today appreciated by nine paise to Rs 54.08 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 IT and TECk indices have surged by almost 2% followed by counters like Auto, Power, Metal, Banks and Healthcare, all gaining between 0.1-1%. However, BSE Oil & Gas index has declined by almost 1%.

The main gainers on the Sensex at this hour include Infosys, TCS, Tata Motors, TCS and M&M whereas few losers on the Sensex at this hour include Cipla, DRL, Hero Moto, RIL and CIL.

Ranbaxy Laboratories has rallied 5% to Rs 433 on NSE after the pharmaceutical company said that it has resumed production of generic Lipitor for supply to the US market.

KSB Pumps has soared over 8% to Rs 201 after reporting 21% year-on-year (YoY) jump in net profit at Rs 19.54 crore for the fourth quarter ended December 31, 2012 (Q4) despite of fall in operational income.

The market breadth in BSE remains positive with 1,160 shares advancing and 907 shares declining.