Markets continue to move sideways

Markets continued to trade sideways in late-morning deals with the oil & gas, consumer durables and banking shares gaining. The Sensex is up 145 points at 17,623. Nifty is up 46 points at 5,364.

In Asia, markets traded on a mixed note with the Hang Seng gaining 0.8%, while Nikkei and Taiwan Weighted dropped 0.5-1.5% each.

CNI Research CMD Kishore Ostwal feels that markets are in a position to move up, as the settlement pain is finally over. Global markets are also holding on. However, the holiday-trunkated week may put investors in a jittery mood.

BSE oil & gas index has moved up 1.7% to 8,203. Consumer durables index has extended Monday's gains and is up 1.5%, followedby bankex, realty and capital goods indices.

Market heavyweight Reliance is the top contributor to the Sensex' upmove and has jumped 2.6% at Rs 761. RIL's Jamnagar manufacturing unit is planning to take Maintenance and Inspection (M&I) shutdown of one of the diesel hydro treating unit for approximately three weeks duration from 2 April 2012.

Sterlite and Hindalco from the metal pack have added 2.5% each. Metal shares are up, following similar movement in the London Metal Exchange.

Banking major ICICI bank has jumped 2% at Rs 909. SBI, Larsen & Toubro and HDFC Bank have advanced 1-2% each as well.

Meanwhile, weakness can be seen in IT and auto shares. Hero MotoCorp has slumped 1% to Rs 2,034. Maruti Suzuki and Mahindra & Mahindra are down half a per cent each. TCS and Infosys are also trading in the negative zone.