Markets continue to trade range bound

The Indian equity markets continue to trade flat after see-sawing between positive and negative zones. Markets trend are reflecting investors' worries on below normal monsoon forecast and fears of a slowdown in growth. The Nifty was trading in a narrow range of 5,270-5,295 levels, unable to get any trigger for moving into either direction. Though global cues are positive, after Greece's government on Tuesday survived a confidence vote crucial to avoiding a sovereign default, all the Asian peers barring Shanghai Composite were trading in green. On sectoral front IT stocks continues trading on firm note with CG, banking, power and HC stock's supporting market to move further. However, consumer durables stocks were pulling market down by shedding close to 2%. The broader markets were flat in line with the benchmark indices; there were 1,089 shares on the gaining side against 1,357 shares on the losing side while 110 shares remained unchanged.

The BSE Sensex is currently trading at 17,564.88, marginally up by 4.58 points or 0.03%. The index has touched a high and low of 17,678.86 and 17,525.36 respectively. Market breadth was evenly distributed with 14 stocks advancing against 16 declines on the index.

The broader indices are recovering but on lower pace; the BSE Mid cap and Small cap indices were down by 0.19% and 0.13% respectively.

The top gaining sectoral indices on the BSE were IT up by 0.59%, CG up by 0.55%, Bankex up by 0.36%, Power up by 0.33% and HC up by 0.18%, while, the losers were CD down by 2.57%, Realty down by 0.85%, FMCG down by 0.68%, Oil & gas down by 0.29 and PSU down by 0.10%.

The top gainers on the Sensex were Tata Power up by 1.96%, Sterlite Inds up by 1.95%, M&M up by 1.53%, Cipla up by 1.49% and Infosys up by 1.41%.

On the flip side, Bharti Airtel down by 1.70%, HUL down by 1.69%, Jindal Steel down by 1.59%, JP Associates down by 1.19% and Maruti Suzuki down by 1.17% were the top losers.

Meanwhile, Coal India (CIL), largest coal producing company in the world, will float again a global tender for exploration of its two blocks in Mozambique by the month-end as earlier bid proposal had some shortcomings.    

The company is in the process of canceling the earlier tendering process and the bids received from three companies. The global tender would be again out for advertisement, including in the national dailies, by the month-end. The exploratory drilling of the twin blocks was likely to begin in May while the production was set to begin by 2015.

In January, the company handed over the programme for drilling to the Mozambique government. The mining plan of both the blocks will be drawn in 2013 and production from these blocks will begin in late 2014 or early 2015.  

Recently, the group posted a net profit of Rs 10867.35 crore for the year ended March 31, 2011 as compared to Rs 9622.44 crore for the year ended March 31, 2010, up 13%. Its total income has increased from Rs 49515.89 crore for the year ended March 31, 2010 to Rs 55029.88 crore for the year ended March 31, 2011.

The S&P CNX Nifty is currently trading at 5,283.75, up by 7.90 points or 0.15%. The index has touched a high and low of 5,310.50 and 5,269.70 respectively. There were 31 stocks advancing against 19 declines on the index.

The top gainers of the Nifty are Ambuja Cements up by 2.48%, Tata Power up by 2.11%, Sterlite up by 2.08%, M&M up by 1.58% and Sun Pharma up by 1.52%.

On the other hand, Bharti Airtel down by 1.89%, Jindal Steel down by 1.53%, HUL down by 1.49%, SAIL down by 1.49% and TCS down by 1.32% were the top losers.

All the Asian markets barring China were trading in the green; Shanghai Composite was down by 0.01%.On the other hand, Hang Seng was up 0.56%, Jakarta Composite was up 0.68%, KLSE Composite was up by 0.12%, Nikkei 225 surged by 1.77%, Straits Times was up 0.26%, Seoul Composite gained 0.81% and Taiwan Weighted was up by 0.27%.

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