Markets trade in tight range

Markets continue to hover around the tight range on Feb F&O expiry with Indices making wild swings between negative and positive zone. At 1130 hrs, the Sensex was down 34 points at 18,111 and the Nifty slipped 13 points at 5,494 levels.

On the global front, barring Nikkei, all Asian markets are trading weak as rise in oil prices and weak euro-zone data ignited concerns about global growth. Strait Times, Hang Seng, Taiwan and Kospi have declined by almost 1% each. However, Nikkei has gained by around 0.5%.

Back home, Sterlite has extended the losses and is the top Sensex loser, down 5%. Sources report that Sesa Goa will be merged with the company.

Other frontline metal shares like Hindalco, Jindal Steel and Tata Steel have declined between 0.4-2%.

Bharti Airtel continue to reel under selling pressure, down 2% on reports that Econet Wireless is seeking at least $3.1 billion in damages from the company in a dispute over ownership of its subsidiary Airtel Nigeria.

Capital Goods major L&T has gained by almost 1%. However, BHEL has extended the gains and is 0.5% up.

DLF from the Realty space is down by nearly 2.5%.

Among Auto pack, M&M, Hero MotoCorp and Maruti Suzuki have declined between 0.4-1%.

Power stocks like Tata Power and NTPC have fallen between 1-2%.    

From the banking space, ICICI Bank has plunged by over 1%. However, SBI has rebounded and is the top Sensex gainer, up 2% after clarification on Kingfisher news. SBI said it has not given any fresh loans to Kingfisher.

Index heavyweight Reliance Industries has gained nearly 1% after the company after the company announced earlier this week that it has agreed to form a JV with Russian petrochemical company SIBUR to make 100,000 metric tonnes of butyl rubber a year in Jamnagar in Gujarat.

FMCG majors ITC and HUL have risen between 0.2-2%.

Ranbaxy Labs rose 1.5% ahead of quarterly numbers today.

The broader indices continue to remain under selling pressure with BSE Midcap and Smallcap indices down by over 1% each.

Kingfisher Airlines has fallen by over 2% as the Income Tax department continued to freeze company's accounts.

UCO Bank, Dena Bank and LIC Housing Finance are down 2-3%.

The market breadth in BSE remains dismal with 827 advancing and 1,576 shares declining.