Markets stuck in a narrow range

Markets were trading in a narrow range the noon deals. The Sensex was down 21 points at 16,921 and the S&P CNX Nifty shed 12 points to 5,080 levels. The Sensex has traded in a range of 158 points.

Earlier in the day, the Sensex touched the low of 16,873.

Meanwhile, the European markets have also opened in the green. The CAC40 index opened at 3,103, up 0.63%, FTSE added 0.4% to open at 5,404 and the DAX was at 5,796, up 30 points.

Back in India, HDFC was the top loser, down nearly 2% to Rs 633. DLF was also trading weaker by 1.7% at Rs 227, the stock dipped on back of reports that SEBI has ordered investigation regarding disclosure violations during the IPO. Tata Motors, Hindalco, Tata Steel, Infosys, NTPC, Bharti Airtel and ONGC were also among the laggards.

On the other hand, Maruti Suzuki was the top gainer among the Sensex stocks. The stock gained 2.2% to Rs 1,098 after the workers at its Manesar plant called off their two-week long strike. BHEL, Bajaj Auto, State Bank of India, Hero MotoCorp, J P Associates, Reliance Industries and TCS were also trading higher by 1-2% each. Larsen & Toubro was also in the green ahead of its second quarter numbers to be announced later in the day.

Among the individual stocks, Tulip Telecom has rallied 5% to Rs 152 after getting approval from shareholders for raising up to Rs 1,000 crore through issuance of long-term capital, including qualified institutional placements (QIP).

BSE Realty index was the top loser, down 0.8% to 1,794 levels. IT, Metal, FMCG and PSU indices also reeled under a mild selling pressure.

At the same time, BSE Consumer Durables index was the top gainer on the sectoral charts, up 0.7% to 6,739. Capital Goods index added 0.6% to 10,823. Auto, power, oil & Gas and banking stocks witnessed some bit of buying.

From the realty space, Prestige Estates, Anant Raj Industries, Peninsula Land, Phoenix Mills, DLF, Sunteck Realty and Oberoi Realty were among the top losers. Titan Industries was the top gainer among the Consumer Durable stocks, up 1.8% to Rs 220. TTK Prestige, VIP Industries, Rajesh Exports and Bajaj Electricals were also among the gainers.

The broader markets were trading on a flat note. The BSE mid-cap index was at 6,151, down 3 points and the small-cap index was up 4 points at 6,870.

The overall market breadth was negative as 1,356 stocks were declining while 1,183 were advancing.