Markets remain volatile in a narrow range

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

By 11:35, the 30-share Sensex was down 38 points at 19,953 and the 50-share Nifty was down 13 points at 6,057.

On the global front, Asian markets pared early gains with the exception of Straits Times which was up 0.6%. China's Shanghai Composite was among the top losers in the region down 0.7% after data showed that consumer prices were up higher-than-expected. Among others, Hang Seng was down 0.3% and Nikkei pared early gains and was down 0.1%.

Back home, investors are likely to remain cautious ahead of the consumer price index and industrial production data due on Friday, followed by wholesale inflation data on Monday.

The rupee traded marginally up by one paise to 54.15 against the US dollar in early trade at the Interbank Foreign Exchange today on sustained selling of the American currency by exporters.

On the sectoral front, BSE Healthcare, Capital Goods and Bankex indices have declined by nearly 1% each. However, BSE IT index has surged by 1%.

The main losers on the Sensex at this hour include Sun Pharma, Reliance Inds, Sterlite, L&T and BHEL, all falling down between 1-2%.

On the gaining side, IT shares extended gains today and the IT index was among the top gainers among sectoral indices on the Bombay Stock Exchange amid encouraging results and outlook from Cognizant Technology Solutions Corp. Infosys, Wipro and TCS were up 0.3-2% each.

HDFC was up by almost 1% after it reported 17% year-on-year (yoy) jump in net profit at Rs 1,555 crore for the quarter ended March 31, 2013. India’s largest mortgage lender had profit of Rs 1,326 crore in a year ago quarter. Further, the directors have recommended a dividend of Rs 12.50 per share on face value of Rs 2 per share.

Other notable gainers include Hero Moto, M&M, ONGC, Bajaj Auto and Tata Steel.

Among other shares, Viceroy Hotels has surged 18% to Rs 23.25 after the company engaged in hotels business announced the sell of company’s Chennai project to Ceebros Hotels for Rs 480 crore.

Finolex Cables has rallied 10% to Rs 56.80 on back of heavy volumes on the counter. The stock opened at Rs 51.25 and touched high of Rs 57.45 on NSE.

The market breadth in BSE remains almost neutral with 927 shares advancing and 999 shares declining.