Markets trading in a tight range

BSE Healthcare, Auto, Oil & Gas and Metal indices have surged by 1%

Benchmark indices are trading in a tight range with Sensex and Nifty oscillating between negative and positive zone.

By 1300, Sensex slipped by 10 points at 19,774, and the Nifty down 5 points at 6,012 levels.

On the global front, the Asian markets have also slipped into the red. The Hang Seng is down 32 points at 23,299, Shanghai Composite has shed 3 points to 2,273, Nikkei is down 60 points at 10,628 and Taiwan Weighted is down 55 points at 7,750 levels.

Back home, failing to maintain its initial upward momentum, the rupee today slid by 13 paise to 55.03 against the dollar in late morning trade due to bouts of demand for the US currency from banks and oil importers amid firm cues overseas.

On the sectoral front, BSE Healthcare, Auto, Oil & Gas and Metal indices have surged by nearly 1% each. However, BSE Capital Goods index has slipped by almost 1%.

Auto stocks continue to outperform on hopes of robust earnings growth in the third quarter. Maruti Suzuki, M&M and Hero Moto have declined between 1-3%.

Pharma shares like Cipla and Sun Pharma have gained between 2-3%.

Other notable gainers include Hindalco, ONGC, Infosys, Bharti Airtel, Wipro and JSPL.

On the losing side, L&T, HDFC, HDFC Bank, Coal India and HUL have declined by 1% each.

Among other shares, Geometric has rallied 5% to Rs 110, extending its 4% gain in the past two trading sessions, after IT consulting and software company said that its German subsidiary, Geometric Europe GmbH has acquired 3Cap Technologies GmbH (3Cap), a Munich, Germany-based specialist in electronics engineering for the automotive industry.

State-owned oil marketing companies like Hindustan Petroleum Corporation (HPCL),Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) have rallied up to 6% in noon deals on hopes of hike in diesel price by Re 1 per month.

The market breadth in BSE remains healthy with 1,635 shares advancing and 1,073 shares declining.