Markets flat, RIL down 1%

Markets continue to trade on a flat note in the noon deals. The Sensex has added 59 points at 16,542 and the Nifty has jumped 15 points to 4,952 levels.

According to Salil Sharma, technical analyst, partner kapursherma.com , "The indicators in India are suggesting that Nifty could consolidate in a range of 4700 - 5180 for a few months and then decide on its next course of action. On the up side the resistance for Nifty is at 4,970, 5,080, 5,127 and 5,180.
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(Updated at 11.20 AM)

Markets continue to remain flat with Sensex and Nifty swinging between negative and positive zone. The Sensex and the Nifty are hovering around 16500 mark and 4950 levels, respectively.

On the global front, the US markets ended flattish yesterday. The Dow Jones Industrial Average ended down 25 points at 12,020. The Nasdaq Composite was up 6 points at 2,626 and the S&P 500 Index was down 3 points at 1,245. Asian markets have remained under pressure. Shanghai is down over 1%. Hang Seng, Straits Times, Kospi and Taiwan have fallen 0.3-0.8%.

By 1115 hrs, the Sensex remained at 16,476 down 6 points, and the broader Nifty index remained at 4,939 up 2 points.

The main gainers on the Sensex are Tata Motors, Maruti Suzuki, ICICI Bank, HDFC Bank and HUL, all advancing between 1-2% while laggards include RIL, ONGC and Bharti Airtel, all declining by almost 1% each.

On the sectoral front, Banks, Technology and Auto are witnessing some buying demand, all surging by nearly 1% each. Sectors like Telecom, Healthcare, Consumer Durable, Power, FMCG and PSU are trading slightly in green zone. However, BSE Oil & Gas index was down by almost 1%.

On the banking space, Federal Bank, Kotak Mahindra Bank, Indusind Bank and YES Bank have surged by 2% each.

Axis Bank, Bank of India, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDBI Bank, PNB have gained by 1% each.

Meanwhile, Midcaps and Smallcaps remain positive with BSE Midcap index has ascending by 0.4% whereas BSE Smallcap index has rising by 0.3%.

Hathway Cable has zoomed 9%, Dish TV and WWIL have gained 3-4% post the news of govt to increase FDI in cable industry to 74%. SKS Microfinance has gained 3%. Ansal Housing has risen 8% ahead of board meet on buyback of shares.

However, Kingfisher Airlines has crashed 4% after Mumbai Airport asked the company to clear dues or face likelihood of shutting operations. Jet Airways is down 0.8%.

The markets breadth in BSE remains positive with 1242 shares advancing and 884 shares declining.