Markets continued to trade on a flat note in the mid-morning deals. The Sensex was at 18,590, up 29 points and the S&P CNX Nifty advanced 5 points at 5,586.
According to Navneet Daga, Derivative Analyst with KR Choksey Securities, "Markets are looking very subdued and sideways, overall we are stuck in the range of 5,500 and 5,750. Breakouts on either side will decide the move. On downside 5,500 level will act as major support."
Hindalco was the top gainer among the Sensex stocks. The stock advanced 3% to Rs 182. BHEL gained 2% in trades so far and was at Rs 1,963. DLF, HDFC Bank, J P Associates, Tata Power, HDFC, Reliance Infrastructure, Hindustan Unilever and Maruti Suzuki were also trading higher by 1-2% each. On the other hand Cipla was the top loser, it was trading lower by 1.7% at Rs 318. TCS shed 1.6% to Rs 1,129. Mahindra & Mahindra, Hero Honda, ICICI Bank, Reliance Industries, NTPC and Infosys also languished in trades so far.
Buying is visible in realty, metal, consumer durables and power stocks. The BSE Realty index has advanced 1.3% to 2,214 levles. BSE Metal, Consumer Durables and Power indices also advanced 0.7% each. FMCG, PSU, Bankex, Capital Goods and Healthcare indices were trading on a flat note. At the same time BSE IT index is the top sectoral loser owing to selling pressure visible in the frontline IT stocks. The index has shed 0.5% or 31 points at 5,825. Teck and Oil & Gas indices are also trading marginally in the red.
Orbit Corp is the top gainer among the realty stocks, up 5.3% to Rs 45. It is followed by Indiabulls Real Estate, DLF, Sobha Developers, Unitech and HDIL, up 1.2-2.2% each. Meanwhile, among the IT stocks, TCS, Infosys and Wipro are the only losers.
The broader markets have outperformed the benchmark index. The BSE mid-cap index has advanced 0.65% or 45 points at 7,052 and the small-cap index has gained 0.7% or 60 points to 8,423.
The overall breadth is extremely positive as 1,612 stocks are advancing while 843 stocks are declining.
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