Markets trading in a narrow range, Hero Moto gains

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

By 13:05, the 30-share Sensex was up 22 points at 19,309 and the 50-share Nifty was up 6 points at 5,878.

According to Gaurav Ratnaparkhi, technical analyst, Sharekhan, “Nifty is near completion of the pullback rally. The same will be confirmed once 5840 is broken. Till then Nifty can make one more attempt to retest the high of 5925”.

On the global front, Asian shares inched ahead while the dollar lost ground as investors counted on easy money from central banks in the euro zone and United States to offset the risk of further disappointment from global economic data.

Activity was sporadic with Japanese markets closed for a holiday and China off until Thursday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, but off a six-week high touched on Friday.

Back home, there was a breakthrough in Govt-Opposition deadlock in Parliament, government sources said today, adding that the Finance Bill will likely be passed tomorrow.

On the sectoral front, BSE Consumer Durable index has surged by almost 2% followed by counters like Power, IT, FMCG and Realty, all gaining by 1% each. However, BSE Metal index has declined by nearly 1%.

The main gainers on the Sensex at this hour include Hero Moto, Wipro, Sterlite, BHEL, ONGC, M&M, Infosys, HDFC Bank and Dr Reddy’s, all gaining between 1-3%.

The National Green Tribunal Southern Region shifts the Sterlite case to New Delhi stating that "circumstances and intervention has not allowed the copperTribunal to proceed with the case further". Sterlite is up over 1%.

On the losing side, Jindal Steel, Coal India, Bharti Airtel, HDFC and L&T have declined 1-4.5%.

Among other shares, Delta Corp has dipped 7% to Rs 59.30, extending its Friday’s 10% fall, after reporting a consolidated net loss of Rs 10.37 crore for the fourth quarter ended March 2013 due to lower revenues and higher operational cost.

Delta Corp has dipped 7% to Rs 59.30, extending its Friday’s 10% fall, after reporting a consolidated net loss of Rs 10.37 crore for the fourth quarter ended March 2013 due to lower revenues and higher operational cost.

The market breadth in BSE remains positive with 1,078 shares advancing and 975 shares declining.